KOSPI -35% from June peak, now proxy for AI unwind. Led by Samsung / SK Hynix on fears of unsustainable AI capex, rising funding costs, and lack of ROI proof.
Forward P/E collapsed to ∼4x, lowest across 18 markets since 2006, now ∼50% of Indonesia. Market pricing 65% profit decline for memory by 2027, per Goldman.
Despite cut, 9k implies >60% upside from ∼5,400 current. Goldman: "pricing overly negative fundamental outlook" - attractive risk/reward, highly undervalued. Had held 12k target since June despite global AI selloff.