Goldman Sachs chief Asia Pacific equity strategist Timothy Moe has maintained his KOSPI target of 12,000 by early September 2026, implying roughly 80% upside from current levels. The bank progressively raised its forecast throughout the year, from 8,000 to 9,000 and then to 12,000 points, betting on earnings growth of 300% to 360% for KOSPI constituents in 2026. Samsung Electronics and SK Hynix together account for nearly half of the KOSPI’s total market capitalization and dominate high-bandwidth memory production, a key component for AI accelerators. Goldman Sachs projects US big tech AI capital expenditure will exceed $1.2 trillion in 2027, up from approximately $800 billion previously forecast. The main structural risk Goldman flags is Chinese competition, as any acceleration in technological catch-up could compress margins at Samsung and SK Hynix faster than currently modeled.
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