The KOSPI will likely hit fresh all-time highs over the next six to 12 months, as Korean stocks have been oversold amid broader investor concerns about artificial intelligence (AI), veteran Wall Street analyst Dan Ives said Wednesday. "Memory is the heart and lungs of the AI revolution," Ives, a partner and senior managing director at Yorkville Ives, said during a press conference in Seoul. "It just creates an opportunity to own these stocks when irrationality hits the market, which I think is what's happening right now here in Korea." Ives, who has 25 years of experience as a Wall Street technology analyst, said the foreign investor sell-off in shares of Samsung Electronics and SK hynix is nearing an end. Foreign investors were net sellers of 199.1 trillion won ($148.9 billion) worth of KOSPI-listed shares this year through Monday, with Samsung Electronics and SK hynix accounting for 173.2 trillion won, or 87 percent of the total, according to the Korea Exchange. He said there is a significant disconnect between the companies' fundamentals and their share prices, as the memory chip mark