**Sustained AI-driven semiconductor demand remains the dominant catalyst supporting the 70.5% market-implied probability that the KOSPI will set a new all-time high before 2028.** Korean chipmakers Samsung Electronics and SK Hynix, which together represent over half of index market capitalization, continue to post robust earnings growth tied to high-bandwidth memory and AI infrastructure spending, with recent OpenAI model launches reinforcing forward expectations. Institutional buying and corporate governance reforms aimed at narrowing the Korea discount have also lifted valuations, even as the benchmark reclaimed the 7,000 level on September 9 amid moderating geopolitical pressures. Key near-term catalysts include upcoming quarterly results, Bank of Korea policy signals, and any broadening of earnings momentum beyond the chip sector. Trader consensus reflects these fundamentals while pricing in the inherent uncertainty of global risk appetite and external shocks.