Kospi Could Soar 80% as Goldman Sachs Sees Long-Term AI Boost

Goldman Sachs strategist Timothy Moe is still bullish on South Korean shares, despite recent market concerns. He believes investors are underestimating the impact of the AI boost for chipmakers, which he thinks will last longer than expected.

Moe has maintained his target of 12,000 for the Kospi index, indicating an upside of around 80% from its current level. This estimate was made three months ago and is one of the most bullish targets on the street.

The strategist expects earnings growth of around 360% this year for Kospi members, which will moderate to around 35% in 2027. He attributes this to the increasing demand for memory and storage chips driven by the global race to build data centres.