Goldman Sachs holds 12,000 Kospi target, citing a longer AI memory cycle

Goldman Sachs Group Inc. is standing by a 12,000 target for South Korea’s Kospi, arguing that investors still underprice how long artificial-intelligence demand will lift earnings at the country’s memory chipmakers. Chief Asia Pacific equity strategist Timothy Moe said the bank is holding the call—among the most bullish on the street when it was set about three months ago—because of expected earnings delivery rather than a near-term rerating of sentiment.