① Goldman Sachs strategists maintain their target price of 12,000 points for the KOSPI index – there is nearly an 80% upside from the current level; ② They said that investors have underestimated the duration of AI’s positive impact on South Korea’s memory chip manufacturers, and the severe shortage of memory chips will only worsen by 2027; ③ On Monday, driven by strong performance of semiconductor stocks, the KOSPI index in South Korea rose significantly.

On September 7, 2026, driven by strong performance of semiconductor stocks, the KOSPI index in South Korea rose significantly, opening at 3.34% higher and closing at 6886.73 points. Timothy Moe, chief stock strategist for Goldman Sachs Asia-Pacific, maintained a target price of 1200 points for the KOSPI index, indicating an upside of approximately 80% from the current level. Moe noted that investors have underestimated the duration of the positive impact of artificial intelligence on South Korea’s memory chip manufacturers. The global competition in data center construction will only exacerbate the severe shortage of memory chips by 2027. He expects Kospi constituents to achieve a profit growth rate of approximately 360% this year, and this rate will slow down to around 35% by 2027. Currently, the index’s price-earnings ratio is only 5.3 times; Moe sets the target price based on a forward price-earnings ratio of 7.5 times. Despite risks from Chinese companies like ChangXin Memory and political obstacles in data center construction in the United States, he believes that the fundamentals remain favorable for advanced memory chip manufacturers in the coming years.