SK Hynix denies Intel Ohio fab acquisition talks, shares pare losses

David Moadel Wed, July 22, 2026 at 7:32 AM PDT | 4 min read

• SKHY: +2.56%
• INTC: -2.33%
• NVDA: -1.56%
• MU: +3.20%
• WDC: +0.29%

Quick Read

• SK Hynix filed a Korea Exchange regulatory denial of reports that it would acquire Intel's Ohio fab; SKHY shares dropped 4% but then trimmed the loss to 2%.
• Micron stock held flat and Western Digital stock rose 2%, confirming that the sell-off is mainly SK Hynix-specific rather than a broad memory sector retreat.
• SK Hynix's role as NVIDIA's primary HBM supplier stays intact, with its July 29 earnings the next catalyst for shipment and spending guidance.

Shares of SK Hynix (NASDAQ: SKHY) are trading lower this Wednesday morning, with SK Hynix stock down 2% to $167.72 after an early dip of 4%. The Korean memory giant pared much of that loss after issuing a formal denial of a Korea JoongAng Daily report claiming it was in talks to acquire Intel's (NASDAQ: INTC) under-construction Ohio semiconductor fab campus.

The move arrives on a session where the broader NASDAQ 100 clawed back most of an early 0.5% drop tied to Middle East tensions, leaving the tape nearly flat on the session.

Denial Pulls the Stock Back After Ohio Fab Report

In a July 22 Korea Exchange regulatory filing, SK Hynix stated it "continuously reviews various business investment and acquisition opportunities" but "has not pursued or decided to acquire Intel's Ohio site and fab." The rumor briefly lifted SK Hynix shares, and the denial pulled them back.

Intel separately reaffirmed its commitment to the Ohio project, with Intel stock nearly unchanged at $105.48 as the counterparty in the denied rumor. Moor Insights & Strategy's Patrick Moorhead called the reported talks "highly unlikely," reinforcing that the story never had strong industry backing.

The Ohio campus was announced in January 2022 with an initial $28 billion price tag, scaling to as much as $100 billion long term across nearly 1,000 acres and up to eight fabs. The timeline has since slipped to 2030 or 2031, and Washington has been pushing Samsung and SK Hynix toward U.S. memory manufacturing alongside domestic leader Micron Technology (NASDAQ: MU).

Intel also has its own foundry story building. Its first publicly named foundry customer under CEO Lip-Bu Tan is Fortinet (NASDAQ: FTNT), whose SP6 security processor is set to be built on the Intel 4 process node. That backdrop makes any suggestion Intel would offload the Ohio site to a foreign rival a hard sell.

Memory Peers Hold Up as Market Shrugs Off Iran Jitters

The idiosyncratic read is supported by peer action. Micron Technology stock is flat at $971.77, while Western Digital (NASDAQ: WDC) shares are up 2% to $559.27. If memory as a category were selling off, both would be lower with SK Hynix.

The Roundhill Memory ETF is down 1% to $58.04, reflecting SK Hynix's weight in the fund rather than a broad memory retreat. The ETF is a narrow, single-theme vehicle, so investors using it as a diversified way to play the memory theme may want to size their positions with concentration and volatility risk in mind.

The macro backdrop featured President Trump threatening to destroy an Iranian bridge or power plant each time Iran fires on a ship in the Strait of Hormuz, marking an 11th straight night of U.S. strikes. That sent WTI crude oil up 3% to around $87 a barrel and Brent near $94, its highest since June 10. Secretary of State Marco Rubio said the U.S. "would love" a diplomatic solution but "will not tolerate" attacks on commercial shipping.