SK Hynix is in talks with Intel (NASDAQ: INTC) about a deal to make memory chips on US soil for the first time, three people familiar with the discussions told Reuters on 16 September 2026.
One scenario under discussion would see SK Hynix (SKHY) lease part of Intel’s long-delayed Ohio fab; another would form a venture with Intel and major cloud firms seeking to lock in memory supply, the sources said.
Intel shares closed at $99.48, up 1.97% on the day and 13.21% over 20 sessions, according to consolidated exchange data. SK Hynix shares also rose overnight, as first reported by Stocktwits.
A deal that has already shrunk once
This is not the first time SK Hynix and Intel’s Ohio campus have been linked. On 22 July 2026, Korea JoongAng Daily reported SK Hynix was negotiating to buy the Ohio site outright, targeting production within five years.
SK Hynix denied it days later. A company spokesperson said the firm had no plans to acquire the Ohio site, according to Yahoo Finance, and the company filed a Korea Exchange disclosure rejecting the acquisition claim, as reported by TheStreet.
A day after that denial, TrendForce reported SK Hynix was instead discussing joint operation of the fab, with formal talks yet to begin. Asked directly about that possibility, an SK Hynix spokesperson declined to deny it, telling The Elec the company “could not confirm it.”
The structure on the table has narrowed each time it has surfaced: from outright purchase, to joint operation, to the lease-or-venture options now described by Reuters. No SEC filing, Korea Exchange disclosure or on-record company statement has confirmed the current talks.
Ohio site sat idle since 2025 delay
The fab at the centre of the talks is Intel’s Ohio One campus, originally due to open in 2025. Intel pushed the opening back to 2030 as it restructured its foundry business and worked through a cash squeeze, according to The Elec.
Intel’s balance sheet shows why an outside partner might help fill it. The company posted a net loss of $11,033m in the quarter ended 27 June 2026, its steepest in over a year, against revenue of $16,128m for the period, according to its 10-Q filing. That followed a string of quarterly losses stretching back to early 2024, interrupted only by a $4,063m profit in the third quarter of 2025, per Intel’s filings.
Neither SK Hynix nor Samsung currently produces memory chips on US soil. Samsung’s Taylor, Texas plant is separately expected to enter mass production in 2027, a comparison that underscores how novel a US SK Hynix memory line would be, according to TrendForce.
Washington’s tariff leverage
Political pressure sits behind the renewed talks. US Commerce Secretary Howard Lutnick has threatened tariffs of up to 100% on South Korean and Taiwanese chipmakers that fail to expand US production, part of discussions tied to Seoul’s $350bn investment pledge, of which roughly $200bn remains unallocated, according to Stocktwits reporting.
A deal would count as a win for the Trump administration’s push to bring chip manufacturing onshore, the Reuters sources said. Whether Seoul’s government would approve any arrangement remains unclear, they added.
FINRA short-sale data show Intel’s short-volume ratio held in a stable 0.37 to 0.47 band through early and mid-September, with no unusual shift ahead of the Reuters report. The move in the shares this week looks like a reaction to the story rather than a position unwinding beforehand.
What to watch
Given the pattern since July, the next marker is likely to be another SK Hynix disclosure to the Korea Exchange, or an on-record statement from either company confirming or denying the lease and venture options Reuters described. Until then, the shape of any deal remains fluid, and smaller than what was first floated two months ago.
This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
