South Korea's iShares MSCI South Korea ETF (EWY) trades near $192 as of early October 2026, up sharply on the year amid heavy exposure to semiconductor leaders SK hynix and Samsung Electronics. Global AI-driven demand for high-bandwidth memory chips has fueled export surges, prompting major upward revisions to 2026 GDP forecasts from the OECD (to 3.7%) and ADB (to 3.2%), alongside robust corporate earnings growth. Valuations remain attractive with KOSPI forward P/E ratios well below historical averages, supported by ongoing corporate governance reforms aimed at improving shareholder returns. Traders are monitoring U.S. monetary policy signals, energy price volatility, and further AI capital expenditure trends for near-term price momentum in the ETF.