Goldman Sachs raised its 12-month target for the MSCI Asia Pacific ex-Japan Index to 1,080 from 990, implying roughly 17.2% upside from early June levels. The equity strategy team led by Timothy Moe also upgraded Taiwan’s equity rating to overweight and increased its KOSPI target for South Korea from 9,000 to 12,000, implying 36.3% upside. The upgrades are based largely on expected demand for AI hardware, including advanced chips used for training and inference and high-bandwidth memory consumed by AI servers. Goldman raised its 2026 earnings-per-share growth forecast for the broader MSCI Emerging Markets Index from 45% to 55%. The broader Asia Pacific ex-Japan index was up 27% year to date as of early June, while the region excluding South Korea and Taiwan was down 4%, highlighting the rally’s concentration. Goldman’s bullish view assumes memory-chip demand will remain strong through 2028 and beyond, despite the sector’s history of boom-and-bust cycles.