SK Hynix has crossed $1 trillion in market value, pushing Korea's Kospi index to double its level from earlier this year. The surge draws parallels to the Nasdaq of 1999, when euphoria drove valuations far beyond fundamentals. Investors are watching closely as the rally accelerates, raising questions about whether this momentum can hold.

The Kospi doubling signals broad-based buying across Korean equities, not just a single stock rally. Memory chip demand and AI-related expectations have fueled SK Hynix's climb, but the scale of the gain makes investors nervous about sustainability. This kind of multiple in a short window is rare, even by speculative standards.

The comparison to the late-1990s Nasdaq is uncomfortable. That market peaked in March 2000 and lost roughly 80 percent of its value over the following years. Whether Korea's run follows a similar path or stabilizes higher is the question on every trader's mind right now.