SK Hynix Denies Plan to Buy Intel’s Ohio Fab as Shares Reverse

The company’s July 22 stock-exchange filing rejects the Ohio acquisition report and shifts investor attention to near-term AI spending signals such as Alphabet’s guidance.

Overview

SK Hynix told the Korea Exchange in a July 22 filing that it “has not pursued or decided to acquire Intel’s Ohio site” and said it is continuously reviewing other investment and acquisition opportunities.
The denial followed a JoongAng Daily report that claimed internal and government approvals had cleared a deal to convert Intel’s under-construction Ohio campus to front-end memory production.
U.S. ADRs fell about 6.6% in premarket trading after the statement, and Seoul-listed shares erased earlier gains that had reached as much as 9% intraday.
Investors moved quickly to focus on AI demand signals, with market attention centering on Alphabet’s Q2 guidance because cloud AI spending strongly affects demand for high-bandwidth memory (HBM).
The episode leaves intact SK Hynix’s broader plan to use its recent U.S. ADR raise to expand HBM capacity and packaging, while keeping execution risks such as multi-year fab yield ramps, limited EUV tool access, and price cyclicality in play.