South Korea’s KOSPI would need to climb roughly 74% from about 6,899 to reach Goldman Sachs strategist Timothy Moe’s unchanged 12,000 target. Moe, the bank’s chief Asia Pacific equity strategist, raised the forecast from 9,000 in early June and has maintained it despite the index losing about a quarter from its June record close. His bullish view rests on the prospect that artificial-intelligence data-center investment will prolong the earnings cycle for Korean memory-chip makers and deepen the global memory shortage. Goldman Sachs forecasts earnings growth of about 360% for KOSPI-listed companies this year and 35% next year, while Moe expects U.S. Big Tech capital spending to rise to $1.2 trillion next year from an earlier estimate of $800 billion. The target assumes a price-to-earnings ratio of 7.5 times 12-month forward earnings, compared with about 5.3 times currently, roughly half the index’s seven-year average. Risks include competition from China’s ChangXin Memory Technologies, or CXMT, and possible U.S. political resistance to new data centers. Morgan Stanley also raised Korea to overweight in early August, setting a 9,000 target.