KOSPI's market-implied 69.5% probability of reaching a new all-time high before 2028 reflects trader focus on the durability of the AI-driven semiconductor supercycle amid recent volatility. The index surged past 9,000 in June 2026 on record demand for high-bandwidth memory from Samsung Electronics and SK Hynix, which together represent over half of market capitalization, before correcting more than 25% from peak levels near 9,385 as profit-taking and concerns over AI capital-expenditure sustainability took hold. Current levels near 6,900–7,000 sit well below those June highs, yet Goldman Sachs and other firms maintain 10,000–12,000 targets into 2027 on projected 35% earnings growth next year and global data-center spending exceeding $1 trillion. Key swing factors include the pace of hyperscaler capex announcements, potential Chinese memory competition, and Bank of Korea policy responses to inflation data, with traders assigning meaningful but not overwhelming odds to the cycle extending long enough to clear prior records within the timeframe.