SK hynix Inc (NASDAQ:SKHY) said Tuesday it has neither pursued nor decided to acquire Intel Corp‘s (NASDAQ:INTC) Ohio semiconductor campus, denying a media report that claimed the South Korean memory chipmaker was in talks to buy the site.
SK hynix Responds to Korea JoongAng Daily Report
SK hynix issued the clarification in a Korea Exchange filing after Korea JoongAng Daily reported that the company was negotiating to acquire the Ohio campus to establish front-end memory chip production in the U.S. within five years.
In the filing, SK hynix said it is “continuously reviewing various investment and acquisition opportunities for business purposes,” but added that it “has not pursued or decided to acquire Intel’s Ohio site and Fab.”
A company spokesperson separately told Benzinga, “We have no plans for an acquisition.”
Intel’s Ohio Campus Has Faced Delays
Intel broke ground on the New Albany, Ohio, campus in 2022, initially planning to invest about $28 billion in two leading-edge fabrication plants as part of a broader $100 billion vision for the site.
The company later pushed back the project’s operational timeline to between 2030 and 2031.
US Pushes for AI Memory Manufacturing
Earlier this month, Commerce Secretary Howard Lutnick said he was in discussions with Samsung Electronics and SK hynix about expanding their U.S. footprint, adding that the companies would ultimately have “no choice but to follow” Micron Technology Inc‘s (NASDAQ:MU) domestic manufacturing push.
SK Group Chairman Chey Tae-won this week said the company was evaluating locations in the U.S. and South Korea where it could build semiconductor fabrication plants “the fastest and largest” to meet growing AI memory demand.
AI Demand Fuels SK hynix’s Rise
SK hynix has emerged as one of Wall Street’s biggest AI beneficiaries as demand for high-bandwidth memory used in NVIDIA Corp‘s (NASDAQ:NVDA) AI accelerators has surged.
The company earlier this month listed American depositary receipts on Nasdaq, broadening access for U.S. investors as it ramps up investment to meet growing AI memory demand.
Price Action: SKHY closed 13.75% higher on Tuesday at $171.94 and edged 0.77% up in extended trading.
Benzinga edge rankings indicate SKHY has a Value score in the 44th percentile and a Growth score in the 97th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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