SK Hynix denied reports that it is pursuing or has decided to acquire Intel's Ohio semiconductor campus, clarifying that it has no plans for the purchase. The South Korean memory chipmaker issued the statement in a Korea Exchange filing to refute a media report claiming negotiations were underway to buy the site for front-end memory chip production in the U.S. within five years.

In the filing, SK Hynix acknowledged it is continuously reviewing various investment and acquisition opportunities for business purposes but explicitly stated it has not pursued or decided to acquire Intel's Ohio site and Fab. A company spokesperson separately confirmed, "We have no plans for an acquisition."

The clarification follows a report by Korea JoongAng Daily suggesting SK Hynix was negotiating to acquire the Ohio campus. Intel broke ground on the New Albany, Ohio, campus in 2022, initially planning to invest about $28 billion in two leading-edge fabrication plants as part of a broader $100 billion vision for the site. The company has since pushed back the project's operational timeline to between 2030 and 2031.

Intel's Ohio Campus Status

The U.S. government has been pushing for expanded domestic AI memory manufacturing. Earlier this month, Commerce Secretary Howard Lutnick said he was in discussions with Samsung Electronics and SK Hynix about expanding their U.S. footprint, noting they would ultimately have "no choice but to follow" Micron Technology's domestic manufacturing push.

SK Group Chairman Chey Tae-won said the company is evaluating locations in the U.S. and South Korea to build semiconductor fabrication plants "the fastest and largest" to meet growing AI memory demand. SK Hynix has emerged as a major beneficiary of AI demand, particularly for high-bandwidth memory used in NVIDIA's AI accelerators. The company recently listed American depositary receipts on Nasdaq to broaden access for U.S. investors.

SK Group Chairman Chey Tae-won stated that current memory prices are "abnormally high" and warned that sustaining such levels could threaten the long-term health of the AI semiconductor market. Speaking at the Korea Chamber of Commerce and Industry’s Jeju Forum, Chey argued that the industry should prioritize expanding memory supply to prevent price increases from stifling demand in PCs and smartphones or enticing new competitors. He emphasized that while cloud giants can absorb higher costs for high-bandwidth memory (HBM), consumer electronics makers have less pricing power, which risks slowing broader technology demand if costs remain elevated.

Chey projected overall memory demand to rise by more than 50% to 60% next year, with AI-specific demand potentially climbing by 60% to 100%. Despite this robust outlook, he cautioned that prolonged shortages create incentives for new players to enter the market through Chinese investment or government-backed initiatives. To maintain industry leadership, SK Hynix intends to expand production capacity quickly enough to stabilize the market, effectively sacrificing some margin today to deter future competition.

Strategic Expansion Over Location

The company’s strategy focuses on speed rather than geography. "We are looking for the optimal location where we can build a fab the fastest and largest," Chey said, noting that SK Hynix is evaluating sites globally, including the United States and South Korea. Constructing a semiconductor fabrication plant takes years, while AI demand is accelerating much faster. Chey noted that virtually no manufacturer has meaningful additional memory supply available for next year, making construction speed a critical competitive advantage.

Trade policy and infrastructure are influencing these decisions. Chey acknowledged pressure from U.S. officials to expand domestic manufacturing, adding that permitting timelines, power infrastructure, and government incentives have become as important as labor costs or geography.

Market Implications

For investors, Chey’s remarks signal a shift in the AI semiconductor race from solely designing faster chips to adding manufacturing capacity rapidly enough to meet explosive demand. If SK Hynix succeeds, it could preserve its leadership in AI memory and ensure market stability. Failure to do so could result in today’s record pricing inviting new competitors and destabilizing the ecosystem.