SK Group has reclaimed its title as the nation’s second-largest conglomerate in terms of market capitalization, largely buoyed by its chipmaking unit SK hynix’s strong performance in recent months.

According to market tracker Korea CXO Institute on Tuesday, SK Group’s market cap surged to 171.87 trillion won ($128.8 billion) as of Friday’s close, surpassing LG Group’s 167.77 trillion won on the nation’s main bourse Kospi. The figures included the value of preferred shares.

This marks the first time since January 2022 for SK to regain the No. 2 position based on market cap.

While Samsung Group has long maintained its No. 1 position for years, SK and LG have competed for second. SK fell back to the No. 3 on Jan. 27, 2022, when LG Energy Solution, the battery-making unit of LG Group, made its high-profile stock debut as the second most-valued company, worth 118 trillion won, after Samsung Electronics, the market bellwether.

However, the gap in market cap between the two groups has narrowed this year. The market cap of LG affiliates fell amid slowing sales of electric vehicles, while SK hynix’s stock surged on the business potential for AI chips.

LG’s market value has fallen about 65 trillion won over the past year. LG Energy Solution alone suffered almost a 20 percent fall to 89 trillion won. On the other hand, SK hynix’s market cap jumped from 82.6 trillion won to some 102 trillion won.

The chipmaker’s shares hit a 52-week high of 145,400 won on Monday after news reports that SK Chairman Chey Tae-won may hold a meeting with OpenAI CEO Sam Altman in Seoul this week, possibly to discuss a chip partnership.