'10,000 KOSPI' Forecast Emerges in Yeouido: "AI Concentration to Continue" [Weekend Money]

KB Securities Sets Target at 10,500, Up 40%
"Concentration in Semiconductors, Aerospace, Electric Power, and Robotics Expected to Continue"

KB Securities has become the first domestic securities firm to forecast that the KOSPI index will surpass 10,000. The company also analyzed that the concentration of investment in AI-related stocks—such as semiconductors, power, space, and robotics—is expected to continue.

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According to the securities industry on the 16th, KB Securities has raised its KOSPI target for this year by 40%, from 7,500 to 10,500. Eun-taek Lee, a researcher at KB Securities, said, "The growth of the KOSPI market this year is even faster and stronger than the 'Three Lows Boom' (1986-1989), when the KOSPI index rose eightfold over four years," adding, "At the center of this is the upward revision of earnings estimates driven by AI investment."

KB Securities is the first domestic brokerage to present a KOSPI target above 10,000. Hyundai Motor Securities also suggested the possibility of the index reaching as high as 12,000, but this was an upper-end estimate assuming a strong bull market.

This outlook appears to be based on the rising value of memory semiconductors produced by Samsung Electronics and SK hynix, which are driving the KOSPI market. This year, the AI market, which has entered the era of agentic AI, is evolving beyond cloud-centric server AI to on-device AI, and from 2028, is expected to expand into physical AI (AI 3.0). In this trend, the importance of real-time inference without latency is becoming more prominent, making the expansion of memory semiconductor capacity essential.

Furthermore, securing the robot value chain is emerging as a key task in preparation for the physical AI era. Researcher Lee stated, "In particular, Samsung Electronics, SK hynix, and Hyundai Motor (Boston Dynamics) are likely to be reevaluated not just as hardware component manufacturers, but as rare strategic assets that determine the overall performance of AI infrastructure."

With the combined operating profits of Samsung Electronics and SK hynix expected to grow, KB Securities estimated that the KOSPI's total operating profit this year would reach 919 trillion won—three times higher than last year’s 307 trillion won. The combined operating profit of Samsung Electronics and SK hynix is projected to be 630 trillion won this year and 906 trillion won next year. Last year, the figure was 91 trillion won.

While predicting a short-term correction due to overheating, KB Securities took a cautious stance regarding concerns about a "bubble burst." Researcher Lee said, "A clear signal, such as a collapse of the economic cycle or a sharp rise in interest rates, would be needed to disrupt the market rally," adding, "However, the likelihood of such a signal appearing in the short term (about three to six months) seems low."

KB Securities also forecast that the concentration on leading stocks in the KOSPI market will continue in the future. Lee stated, "The concentration on leading stocks is a typical feature of historically strong bull markets," and added, "Although AI-related stocks such as semiconductors, power, space, and robotics have surged, I believe there is a higher possibility that this concentration and focus will persist rather than rising trends spreading to other sectors."

This content was produced with the assistance of AI translation services.