Samsung Electronics Co. has reached a $1 trillion market valuation after booming demand for chips used in artificial intelligence saw the world’s largest memory maker’s stock more than quadruple over the past year.

The milestone came as the South Korean company’s shares rallied as much as 11% early on Wednesday, making it only the second Asian firm after Taiwan Semiconductor Manufacturing Co. to hit the mark. The gains boosted the Kospi benchmark above the 7,000 level.