JPMorgan just bumped its bullish target for South Korea’s benchmark KOSPI index to 8,500, a number that implies a 37% upside from where the index sat on April 21, 2026. The driving force behind that confidence isn’t some abstract macro thesis. It’s memory chips, and the insatiable appetite that artificial intelligence has for them.

The semiconductor story powering KOSPI’s rise

South Korea’s economy has long been tethered to its semiconductor industry, which accounts for roughly 20% of the country’s total exports. Memory chip prices surged 25% in the first quarter of 2026, propelled by escalating demand from AI applications and data centers.

Samsung Electronics saw its market capitalization breach the $1…