Intel (NASDAQ: INTC) stock jumped roughly 7.6% on Thursday after news broke yesterday of a possible deal that would see SK Hynix‘s memory chips fabricated in Intel’s Ohio factories.
The S&P 500 and the Nasdaq Composite rose 1.1% and 1.7%, respectively, on Thursday.
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SK Hynix could give Intel’s Ohio fabs a customer
Reuters reported on Sept. 16 that SK Hynix is discussing either leasing part of Intel’s planned Ohio facility or forming a venture with Intel and others. The talks are exploratory, and no formal deal has been made, but the possibility of a deal has been enough to boost Intel for two sessions in a row.
If a deal materializes, it could be a significant one for the U.S. chipmaker’s Foundry business, which has struggled. The company considered selling it off before CEO Lip-Bu Tan made it a core part of his turnaround efforts after years of underperformance.
Intel stock was also caught up in a marketwide rally as bond yields and oil prices both fell from recent highs.
Intel still has a large financial hole to climb out of
So far, efforts have paid off on the top-line; Intel’s Q2 revenue rose 25% to $16.1 billion, while Data Center and AI revenue climbed 59% to $6.3 billion.
Investors should also be cautious about a rumored deal as it could face additional regulatory hurdles from the South Korean or U.S. governments.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel. The Motley Fool has a disclosure policy.
Why Intel Stock Jumped 7.6% Today was originally published by The Motley Fool
