SK Hynix Shares Reverse Gains After Company Denies Intel Plant Acquisition Report

Shares of SK Hynix Inc. (KS:000660) closed slightly lower after a dramatic intraday reversal, erasing strong early gains that were fueled by a report of a potential major U.S. acquisition which the company subsequently denied.

Report and Denial Drive Volatility

The stock initially surged to a nearly two-week high of 2,006,000 won following a report from the *Korea JoongAng Daily*. The report claimed SK Hynix was in discussions to acquire Intel’s semiconductor campus in Ohio for front-end memory production, a move that would have significantly expanded its U.S. manufacturing footprint.

However, the rally was short-lived. SK Hynix later issued a statement dismissing the report, clarifying that it had "neither pursued nor decided on such an acquisition." The denial prompted a sharp sell-off as investors unwound their positions.

The stock ultimately finished the session down 0.3% at 1,830,000 won, a stark reversal from its earlier peak.

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Broader Market Context

The reversal also reflects a pattern of profit-taking that has characterized the stock since its recent Nasdaq ADR listing. Investor sentiment was further tempered by caution ahead of Alphabet's second-quarter earnings release, which is closely watched for guidance on AI-related capital expenditures.

For chipmakers like SK Hynix, Alphabet's spending plans are a key barometer for future demand for high-bandwidth memory (HBM), a critical component in AI infrastructure. This uncertainty contributed to the lack of conviction among buyers after the company's clarification.

SK Hynix's performance marked a notable divergence from the broader South Korean market. The benchmark KOSPI index posted a strong gain of 5.6% for the day, leaving the chipmaker as a significant underperformer.