According to Goldman Sachs data, foreign ownership in the South Korean KOSPI semiconductor sector has fallen to 49.1%, 2.1 standard deviations below its historical average, with almost all of the position reduction concentrated in memory chips. Meanwhile, TrendForce projects HBM will account for 30% of total DRAM wafer input by 2027, up from 22% in 2026. Analyst consensus EPS estimates for the South Korean tech sector in 2027 have been revised up by a staggering 122% over the past six months. The market's concern about the memory cycle peaking and continuously upward-revised earnings forecasts present a rare divergence. Currently, the South Korean semiconductor sector is trading at 4.7x forward P/E, significantly below its historical average of 10.6x.