KOSPI Surpasses 8,000 for the First Time Ever... 'ManSPI' in Sight

KOSPI Hits Intraday High of 8,046, Then Eases Slightly
Surpasses 8,000 Just a Week After Breaking 7,000 Last Week
Continued Earnings Improvement at Samsung Electronics and SK hynix Raises Possibility of Hitting 10,000 This Year

On the 15th, when the KOSPI index surpassed 8,000 points intraday for the first time in history, employees at the Hana Bank dealing room in Jung-gu, Seoul are celebrating the breakthrough. 2026.5.15 Photo by Kang Jinhyung

The KOSPI index has surpassed 8,000 points intraday for the first time in history. This milestone was driven by an explosive surge in semiconductor demand fueled by the artificial intelligence (AI) revolution, which has caused the stock prices of major companies such as Samsung Electronics and SK hynix to soar. As securities firms continue to raise their earnings estimates for Samsung Electronics and SK hynix day after day, there are now projections that the KOSPI could break through 10,000 points within the year.

KOSPI Climbs to 8,046 Intraday... Reaches 8,000 Just a Week After Passing 7,000

On May 15, the KOSPI opened at 7,951.75, down 0.37% from the previous trading day, but quickly reversed course and surpassed 8,000 points at around 9:19 a.m. During intraday trading, it hit a high of 8,046.78, and as of 10:14 a.m., it was trading at 7,930.67, down 0.64%. The KOSDAQ started the session up 0.52% at 1,197.23, but then turned downward, trading at 1,172.11, down 1.59%.

The KOSPI achieved the intraday 8,000-point milestone just seven trading sessions after breaking through 7,000 points for the first time on May 6. It has been less than a year since the index first hit 3,000 points in June last year, but the index has surged by 1.7 times in that period. The primary drivers of this rally have been Samsung Electronics and SK hynix. This year, Samsung Electronics' stock price has risen by 143%, while SK hynix has soared by 201%. The rapid global adoption of generative AI services such as ChatGPT, Gemini, and Claude has significantly increased demand for semiconductors. As these two companies now make up 48% of the KOSPI's market capitalization, their stock surges have led the KOSPI to climb by 89% so far this year.

The market expects that the Korean stock market will continue to rise, especially with memory semiconductor companies—key players in the AI value chain—at the center. Earnings estimates for Samsung Electronics and SK hynix are being revised upward every day. On the previous day, KB Securities raised its KOSPI target for this year by 40%, from 7,500 points to 10,500 points, taking into account the earnings growth of both companies. Lee Euntaek, a researcher at KB Securities, emphasized, "The combined operating profit of Samsung Electronics and SK hynix is expected to soar from 91 trillion won last year to 630 trillion won this year and to 906 trillion won next year. Accordingly, the KOSPI's operating profit is projected to triple year-on-year to 919 trillion won this year and expand further to 1,240 trillion won next year."

Global investment banks are also continuously raising their KOSPI forecasts. In a report released on May 10, JPMorgan set its KOSPI target at 10,000 points, citing a continued boom in the memory semiconductor sector. On May 12, Morgan Stanley raised its upper target to 9,500 points, stating that the KOSPI would maintain its upward trend due to structural growth and ongoing reforms. Goldman Sachs also increased its upper target for the KOSPI to 9,000 points.

On this day, the Korean stock market was also buoyed by the positive outcome of the summit between the United States and China, which helped lift the New York stock market. Overnight, the Dow Jones index rose 0.75%, while the S&P and Nasdaq gained 0.77% and 0.88%, respectively—the highest levels ever for the S&P and Nasdaq. U.S. President Donald Trump and Chinese President Xi Jinping held a summit in Beijing the previous day, where both leaders expressed their commitment to bilateral cooperation. Seo Sangyoung, a researcher at Mirae Asset Securities, commented, "The U.S.-China summit met market expectations. Both countries found common ground on the necessity of preventing Iran from acquiring nuclear weapons and maintaining open access to the Strait of Hormuz. The market interpreted this as a symbolic easing of tensions, which was viewed positively."

Samsung Electronics' Stock Lags Behind SK hynix on Strike Concerns

Although Samsung Electronics and SK hynix have been driving the KOSPI higher, the atmosphere at the two companies is markedly different. As of around 9:30 a.m. on this day, SK hynix was trading at 1,995,000 won, up 1.5% from the previous day, while Samsung Electronics was down 0.84% at 293,500 won. Samsung Electronics' stock price has lagged behind its competitor SK hynix due to rising concerns over a possible labor union strike.

From the start of May up to May 13, Samsung Electronics' stock price rose by 31%, falling nearly 20 percentage points short of SK hynix's 50% increase. In the first quarter, Samsung Electronics posted an operating profit of 57.2 trillion won, 36% above the market consensus of 41 trillion won, marking an earnings surprise. In contrast, SK hynix's first-quarter operating profit was 37.61 trillion won, only slightly exceeding the market estimate of 36.4 trillion won, yet its stock price growth outpaced Samsung Electronics.

The market views the concern over a potential general strike by the Samsung Electronics labor union as the decisive factor behind the divergent stock price performances. Brokerages estimate that damages from the labor-management conflict at Samsung Electronics could reach at least several tens of trillions of won. JPMorgan analyzed that if a general strike materializes, Samsung Electronics' annual operating profit could fall by more than 40 trillion won. JPMorgan also projected that if management accepts the union's demands for a 15% profit-sharing bonus and a 5% increase in base salary, additional labor costs of about 30 trillion won would be incurred this year. In addition, the bank forecasted that further disruptions in memory semiconductor production and opportunity losses could result in revenue losses exceeding 10 trillion won.

Samsung Electronics has reportedly begun implementing preemptive measures to minimize damage from the strike, starting on this day by adjusting production processes and reducing output. The company is said to be limiting the number of new wafers introduced at the start of the production line and reorganizing its product mix to focus on high-margin, advanced processes such as high-bandwidth memory (HBM).

If the strike issue leads to losses of 40 trillion won, more than 10% of Samsung Electronics' consensus operating profit of 343 trillion won for this year would be wiped out. This concern has already been reflected in the weak performance of Samsung Electronics' stock price compared to SK hynix. Even if the strike ends as the union has announced, after 18 days, there will still be a significant lag before supply normalization is achieved due to post-strike stabilization efforts, potentially increasing the damage further. Kim Dongwon, head of research at KB Securities, noted in a recent report, "Even after the 18-day strike ends, it is highly likely that restarting and normalizing automated production lines will take an additional two to three weeks."

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