According to CoinMeta, strategists at Goldman Sachs have lowered their 12-month target price for the South Korean Kospi index by 25%, from 12,000 points to 9,000 points, due to increasing concerns about AI trading in the market. This is the first major downward adjustment by the bank this year after several previous upward revisions. Strategists pointed out that after the benchmark index fell more than 35% from its June high, more conservative valuation assumptions are needed. Nevertheless, the adjusted target still indicates that there is over 60% room for the index to rise from its current level. Chip manufacturing giants such as Samsung Electronics and SK Hynix have made the South Korean Kospi index a barometer of artificial intelligence trading. Investors are concerned about whether the massive infrastructure spending in this industry can be sustained, and at the same time, financing costs are rising continuously with no signs of sufficient returns. The related selling pressure has spread to the overall South Korean stock market. Goldman Sachs strategists estimate that the current valuation of semiconductor stocks implies that industry profits will decline by 65% in 2027, but the bank believes this scenario is overly pessimistic.