The surge in SK Hynix and Samsung valuations, driven by HBM market shares of 57 percent and 22 percent respectively per Counterpoint Research data, extends beyond isolated rallies into a coordinated revaluation of memory supply chains. This aligns with patterns seen in the 1999 Nasdaq when the index rose 102 percent amid similar tech enthusiasm, yet Korean equities trade at forward multiples near seven times versus 27 for the Philadelphia Semiconductor Index. Primary Korean regulatory filings on chaebol governance reforms and MSCI developed-market criteria documents highlight efforts to address cross-shareholdings and inheritance taxes, aiming to attract institutional flows. Goldman Sachs fiscal estimates of a 5 percentage point GDP windfall from tech taxation provide concrete policy flexibility for debt management or spending, contrasting with US CHIPS Act primary legislation emphasizing domestic capacity. Foreign net-selling streaks in SK Hynix totaling $156 million underscore liquidity divergences from local institutional buying, while Micron's parallel trillion-dollar milestone reflects global HBM demand concentration. Analysts from Taurus Asset Management and Life Asset Management note earnings trajectories may support multiples up to ten times without Big Tech benchmarks, though supply easing risks remain unaddressed in aggregate index data. These elements reveal systemic valuation compression relief rather than isolated Korean momentum.