JPMorgan has raised its bull-case target for South Korea's KOSPI index to 10,000, driven by a surge in memory chip demand linked to the AI revolution. The KOSPI has already climbed 71% year-to-date, elevating South Korea's market cap to over $4.5 trillion, now the 7th largest globally. The bank's forecast includes a base case of 9,000 and a bear case of 6,000, with South Korea marked as its top regional market. The memory chip supercycle, particularly high-bandwidth memory (HBM) crucial for AI data centers, is central to this optimism. Samsung Electronics and SK Hynix are key players, with Samsung's semiconductor revenues expected to increase nearly 50-fold. Goldman Sachs also raised its KOSPI target to 9,000, citing sustainable chip earnings and regulatory improvements. South Korea's GDP growth of 1.7% in Q1 2026 further supports this bullish outlook.