**KOSPI’s path to a new all-time high before 2028 hinges primarily on sustained semiconductor earnings momentum amid the global AI infrastructure buildout.** The index recently closed near 6,804 after trading in the low-to-mid 7,000s, well below its historical peak above 9,100, requiring roughly a 34% advance from current levels by end-2027. Record semiconductor exports exceeding $60 billion in September underscore robust memory-chip demand supporting Samsung Electronics and SK Hynix, which dominate index earnings and have driven 2026 profit growth forecasts above 250%. Analyst targets from firms such as Goldman Sachs (9,000) and Hana Securities (above 10,000) reflect this earnings tailwind and valuation compression to forward multiples near 8 times. Offsetting factors include base-effect slowdowns in 2027 profit growth, persistent foreign net selling, potential China competition, and sensitivity to U.S. rates or energy prices. Key near-term catalysts include upcoming corporate earnings releases, Bank of Korea policy signals, and monthly export data that could shift trader-implied odds in this closely balanced market.