SK Hynix Pushes Back On Intel U.S. Chip Deal Report, Says ‘Nothing Has Been Finalized’

Although SK Hynix did not deny that discussions with Intel have taken place, the firm emphasized that no specific cooperation agreement has been finalized.

• The company said it is reviewing measures including additional production bases to strengthen the competitiveness of its memory business.
• The South Korean company also declined to confirm plans to manufacture memory chips in the U.S., saying it has not yet decided.
• SK Hynix’s response comes after Reuters reported that the firm and Intel are exploring potential arrangements involving Intel's Ohio campus.

SK Hynix (SKHY) pushed back on Wednesday against a Reuters report claiming the memory-chip maker is in talks with Intel (INTC) to manufacture memory chips in the U.S. for the first time, stressing that no agreement has been finalized.

The company did not dispute that discussions have taken place. Instead, it said it is still evaluating options for expanding its production footprint.

In a statement, SK Hynix said it is "reviewing various measures, including establishing additional production bases, to strengthen the competitiveness of its memory business," but added that "no matters have been determined at this stage." 

“We would like to clarify that nothing has been finalized regarding cooperation with any specific companies mentioned in the article or memory chip production in the United States,” it added.

INTC stock rose as much as 3.3% in pre-market trading and was the top-trending ticker on Stocktwits at the time of writing, while SKHY stock gained nearly 3%. Retail sentiment around both companies on the platform trended in ‘bearish’ territory over the past day. 

Reuters Report Said SK Hynix, Intel Are Exploring US Memory Production

Reuters, citing three people familiar with the discussions, reported that SK Hynix and Intel are exploring at least two potential structures.

Under one option, SK Hynix could lease part of Intel's long-delayed semiconductor campus in Ohio. The roughly 1,000-acre site in New Albany has been under construction since 2022.

Another possibility would involve SK Hynix, Intel and major cloud companies forming a joint venture designed to secure a more stable supply of memory chips.

Why An Intel-SK Hynix Deal Matters

A partnership could give Intel a major tenant for its Ohio campus, helping address the challenge of filling an ambitious but underutilized semiconductor manufacturing footprint. Intel originally estimated that fully developing the site could require as much as $100 billion.

For SK Hynix, U.S. production could help address pressure from Washington to expand domestic semiconductor manufacturing. The push comes at a time when AI infrastructure spending has driven strong demand for advanced memory.

Any U.S. expansion would also build on SK Hynix's existing investment in the country. The company broke ground last month on a $4 billion HBM facility in Indiana.

Seoul Could Complicate Advanced Memory Production

Reuters was unable to determine which type of memory would be produced under either structure, leaving open the possibility of DRAM, NAND or high-bandwidth memory (HBM).

However, sources said Seoul could scrutinize a deal involving technologies such as HBM or DRAM because they are considered strategically sensitive. 

SK Hynix’s U.S.-listed shares have gained over 2% since their Nasdaq debut in July. Meanwhile, INTC stock has soared over 150% year to date.

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