Strong semiconductor earnings tied to sustained AI infrastructure spending underpin the near-even 50.5% market-implied odds for KOSPI surpassing its June 2026 peak of 9,385 before 2028. The index, recently closing near 6,995 after a sharp correction from its record, derives over half its market capitalization from Samsung Electronics and SK Hynix, whose profits have surged on memory-chip demand yet remain vulnerable to any slowdown in hyperscaler capex or rising Chinese competition. Corporate governance reforms and Bank of Korea growth upgrades provide additional support, while elevated volatility and concentration risk keep probabilities balanced. Key near-term catalysts include upcoming chipmaker results, FOMC policy signals, and global AI spending updates that could shift trader sentiment decisively.