Goldman Sachs cuts Kospi 12-month target by 25% to 9,000 on AI trade worries

The striking detail is the tension inside Goldman's own note: a 25% cut that still implies more than 60% upside signals a recalibration of an overheated view rather than a bearish turn, and the reversal from repeated upgrades suggests AI enthusiasm had outrun fundamentals in Korean equities. This matters most for investors with heavy Kospi or AI-thematic exposure, where a 35% drawdown has already done much of the de-rating. Whether the AI trade stabilizes or Goldman's successive upgrades prove the outlier is the open question, and further target revisions from major banks are worth watching.