SK hynix Denies Intel Ohio Fab Acquisition While Keeping Investment Options Open
SK hynix has officially denied reports that it is pursuing the acquisition of Intel’s semiconductor manufacturing campus in Ohio. However, the Korean memory manufacturer confirmed that it continues evaluating broader investment and acquisition opportunities as artificial intelligence demand places unprecedented pressure on global DRAM, High Bandwidth Memory and NAND production.
The original Korea JoongAng Daily report claimed that SK hynix was negotiating to acquire Intel’s Ohio campus and establish front end memory production in the United States within 5 years. The report said internal reviews were completed and government approval was being pursued, but SK hynix rejected those claims through an official Korea Exchange filing.
“We are continuously reviewing various investment and acquisition opportunities for business purposes.”
The company stated that it had neither pursued nor decided to acquire Intel’s Ohio site or fabrication facilities. South Korea’s Ministry of Trade also clarified that it had not discussed the reported investment with SK hynix, directly contradicting claims that government approval was already involved.
Intel also reiterated that it remains committed to Ohio and continues investing in site readiness. The Ohio One campus covers nearly 1,000 acres and is designed to accommodate as many as 8 semiconductor factories. Intel currently plans to invest more than US$28 billion in the first 2 facilities, although construction and production schedules have been delayed. Module 1 is currently expected to begin operations between 2030 and 2031, while Module 2 is planned for 2032.
The acquisition denial may not completely eliminate the possibility of cooperation between the companies. A separate Semafor report claims Intel is exploring potential operating partners for the Ohio project, with SK hynix reportedly among the candidates. Any discussions are described as preliminary, and no formal agreement or acquisition negotiation has been confirmed.
SK hynix and Intel already have a significant transaction history. SK hynix agreed to acquire Intel’s NAND and solid state drive business for US$9 billion, including the Dalian NAND fabrication facility in China. The first phase closed in December 2021 and created Solidigm as an SK hynix subsidiary, while the remaining manufacturing assets and personnel were scheduled to transfer during the final phase in 2025.
Interest in additional production capacity is understandable. SK hynix Chief Executive Kwak Noh Jung recently warned that 2027 could become the memory industry’s worst year from a supply perspective, with customer demand potentially exceeding the company’s production capacity beyond 2030. HBM demand is consuming a growing share of new wafer capacity and restricting conventional DRAM supply.
SK hynix has clearly denied purchasing Intel’s Ohio campus, but its statement deliberately leaves the door open to other investments and acquisitions. That distinction matters because acquiring the entire property, cooperating as an operating partner and building an independent United States memory facility would represent very different arrangements.
Intel needs to improve the commercial utilisation of an enormous project that has experienced repeated delays, while SK hynix requires additional capacity to satisfy expanding AI memory demand. The strategic logic for some form of cooperation exists, but there is currently no confirmed transaction.
Could an Intel and SK hynix operating partnership rescue the Ohio project, or should both companies maintain independent manufacturing strategies?
