Korean Chip Prices Leap 5x, Small Morgan Bullish on KOSPI to 10,000 Points

South Korea's semiconductor exports demonstrated a very strong growth momentum in early May 2026, with the trend of core products' prices and quantities rising together becoming increasingly apparent. The latest disclosed customs data indicates that from May 1st to 10th, South Korea's DRAM exports surged by 375% year-on-year, reaching $4.366 billion. SSD's performance is even more eye-catching, with exports increasing by 607% year-on-year, and a sequential increase of as much as 172%.

Driven by this strong fundamental, J.P. Morgan has raised its expectations for the South Korean stock market for the second time in less than a month. In its latest research report, the bank raised its benchmark target for the Korea Composite Stock Price Index (KOSPI) to 9,000 points, and it is even higher at 10,000 points in a bull market scenario. Strategists believe that the storage upcycle driven by AI will last at least until 2027, and the gap between supply and demand is still widening. //

The focus of future games will be concentrated on the long-term trend of capacity locking and the recovery pace of non-storage areas. Analysis points out that the supply of high-bandwidth memory has been locked by long-term contracts, forcing customers to buy capacity for 2027 in advance. In addition, industrial sectors other than semiconductors, financial banking, and holding companies benefiting from governance reforms are also becoming new drivers supporting the South Korean stock market to challenge the 10,000-point mark.