Timothy Moe, Chief Equity Strategist for Asia Pacific at Goldman Sachs Group, maintains an optimistic view on the Korean stock market. He believes that the market has severely underestimated the duration of the AI-driven demand cycle for memory chips, and therefore keeps the target level for Korea's benchmark stock index, KOSPI, unchanged at 12,000 points, a level that indicates significant safety margin in current valuations. He forecasts that capital expenditures by major U.S. tech companies will exceed $1.2 trillion next year, and earnings growth for KOSPI constituents is expected to reach approximately 360% this year, though it will slow to around 35% by 2027, a trend that has already been priced in by the market. The global construction race for data centers is a core factor supporting this view, as the explosion in computing power benefits memory chip manufacturers. Currently, the KOSPI's forward price-to-earnings ratio stands at just 5.3 times, roughly half its average over the past seven years, and the 12,000-point target does not appear aggressive if earnings forecasts are realized. Although he also mentions risks such as the rise of competitors and potential political resistance to U.S. data center expansion, he believes these factors will not be sufficient to shake the fundamental advantages of South Korea's leading chip companies in advanced manufacturing processes in the coming years, with the structural demand for AI infrastructure investment remaining the key factor driving the industry's direction.