s SK Hynix Buying Intel’s Ohio Fab? Korean Chipmaker Denies Report — Now All Eyes Are on Earnings

• A Korean news outlet on Tuesday reported that SK Hynix was in talks with Intel to acquire its upcoming fab campus in Ohio.
• Moor Insights & Strategy CEO Patrick Moorhead said the reported talks are highly unlikely, adding that the Ohio campus remains core to Intel’s foundry business.
• Intel is scheduled to report its second-quarter results on Thursday.

SK Hynix has denied a report claiming the South Korean memory chipmaker is in talks to acquire Intel’s under-construction Ohio fab campus. Still, the report stirred a buzz among retail traders and sent SK Hynix’s U.S.-listed shares down about 1.4% in the overnight session late Tuesday.

SK Hynix listed its shares on Nasdaq on June 10 after raising more than $26 billion from U.S. investors, adding one of the world’s biggest memory chipmakers to the red-hot U.S. memory trade.

On Tuesday, Korea JoongAng Daily reported that the company was in the midst of an internal review and government approval process related to the purchase, with a goal of producing memory semiconductors in the U.S. within five years.

Citing information that it exclusively obtained, the South Korean news outlet said that such a deal would help SK hynix meet Washington's demands for U.S.-based production while giving cash-strapped Intel a lifeline for its struggling foundry business. 

SK Hynix denied any such plans. In a regulatory filing on July 22, the company said that while it "continuously reviews various business investment and acquisition opportunities," it "has not pursued or decided to acquire Intel's Ohio site and fab as reported in the article." Intel has not yet responded to the media report publicly.

Moor Insights & Strategy CEO Patrick Moorhead said the reported talks are highly unlikely, adding that the Ohio campus remains core to Intel’s foundry business.

“I recognize that SK Hynix needs more U.S. capacity and the USG would like them to make U.S. investments like Samsung and Micron. I also recognize that Intel doesn’t have a wafer foundry future without Columbus. And I believe  Intel will have some major wafer customers,” Moorhead said on X.

On Stocktwits, retail sentiment was ‘bullish’ for INTC and ‘bearish’ for SKHY. The chip stocks have risen sharply in the last two sessions.

“$INTC reaffirmed its commitment to investing in its Ohio semiconductor campus, while $SKHY denied reports that it plans to acquire the facility,” a trader said. 

“As AI demand continues to grow, domestic chip manufacturing remains a strategic priority. However, long-term value for $INTC will depend on execution, profitability, and its ability to attract foundry customers—not just expansion plans,” they said.

Intel’s Fab Footprint

Intel announced its Ohio One semiconductor manufacturing campus in January 2022, and said it would invest $28 billion initially to build two leading-edge chip fabrication plants in New Albany, near Columbus.

The nearly 1,000-acre site broke ground in September 2022 and has been under construction since, but the project has faced multiple delays amid weaker chip demand and Intel’s cost-cutting efforts. Under the latest timeline, the first fab is expected to be completed in 2030 and begin operations between 2030 and 2031.

Intel’s largest fabs are in Oregon (Hillsboro) for leading-edge process development, Arizona (Chandler) for high-volume advanced chip production, and New Mexico (Rio Rancho) for advanced packaging, and Ireland (Leixlip), which serves as Intel’s primary European manufacturing hub.

Intel’s Turnaround, Results Watch

After Intel appointed Lip-Bu Tan as its CEO and the U.S. government picked up a 10% stake last year, Intel’s stock has rallied handsomely. Under Tan, Intel is showing improvement in its long-struggling foundry business, including onboarding marquee customers like Apple and SpaceX.

Intel Foundry’s operating loss narrowed to $2.4 billion in the first quarter, improving by $72 million sequentially, helped by better yields across Intel 4, 3 and 18A processes. 

Intel will report its second-quarter results after the markets close on Thursday. Analysts expect revenue to rise 12% to $14.45 billion and the company to deliver an adjusted profit of $0.22 per share compared to a $0.10 per share loss a year ago. SK Hynix will report its earnings on July 29 at 9 am Korea time.

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