SK hynix outdid Samsung Electronics to rank number one in the global dynamic random access memory (DRAM) market in the first quarter.

According to market research firm TrendForce on Tuesday, global revenue for the DRAM industry reached some 27 billion U.S. dollars in the first quarter, posting a five-point-five percent on-quarter decline. 

The firm blamed the downturn to falling contract prices for conventional DRAM and a contraction in HBM shipment volumes.

Despite seeing a seven-point-one percent drop in revenues on-quarter due to lower shipment volumes, SK hynix rose to first place in the global DRAM market after its revenues amounted to some nine-point-seven billion dollars thanks to its growing share of HBM3E shipments.

SK hynix’s market share for the first quarter stood at 36 percent, slightly lower than the 36-point-six percent posted in the previous quarter. 

However, SK hynix overtook Samsung Electronics after Samsung saw its market share slip sharply from 39-point-three percent to 33-point-seven percent during the same period. 

This marks the first time SK hynix overtook Samsung Electronics in DRAM market share.