**South Korea’s semiconductor-led recovery underpins the 69.5% market-implied probability that the KOSPI exceeds its June 2026 all-time high of 9,385.59 before 2028.** The index, recently trading near 6,900–7,050 after a roughly 26–40% correction driven by foreign selling, National Pension Service rebalancing, and profit-taking in chip names, has rebounded on renewed AI demand optimism, including OpenAI developments and long-term supply agreements that analysts expect to sustain memory shortages through 2028. Strong export growth in semiconductors, improving corporate margins, and structural shifts in the chip cycle—where new capacity lags demand—support earnings visibility for heavyweights like Samsung Electronics and SK hynix. Key near-term catalysts include global AI spending trends, U.S. monetary policy signals, and any further policy measures to stabilize domestic equities, with traders pricing in a high likelihood of retesting and surpassing prior peaks within the timeframe.