Intel seeks partner for delayed Ohio chip plant; SK Hynix among candidates: report

Intel (INTC) is seeking a partner to help operate its delayed Ohio semiconductor campus, with South Korea's SK Hynix (SKHY) reportedly among the companies under consideration, Semafor reported, citing people familiar with the matter.

The discussions center on operating the $28B chip manufacturing project rather than an outright acquisition, the people said.

SK Hynix on Tuesday denied a South Korean media report that it was in talks to buy the Ohio facility, while Semafor reported the memory chipmaker has no plans to acquire the campus. According to the report, the companies have not yet entered formal negotiations over an operating partnership, and discussions remain at a “very early” stage.

Intel previously told Semafor that it "is committed to Ohio" and continues investing to prepare the site for production.

The Ohio project is a cornerstone of Intel's U.S. manufacturing expansion. The company broke ground on the campus in 2022, pledging to invest $28B, but construction has faced repeated delays. After missing its original 2025 launch target and announcing workforce reductions, Intel pushed the opening of what would be its first new U.S. chip fabrication facility in four decades to 2030.

The report comes as Intel deepens partnerships across the semiconductor industry as part of its foundry strategy and broader U.S. manufacturing push. The company has been working with both customers and industry peers following the U.S. government's strategic investment in the chipmaker, while its shares have climbed more than 175% over the past year.

Intel (INTC) is scheduled to report second-quarter results after the closing bell on Thursday, July 23, with investors looking for evidence that the chipmaker's remarkable  year-to-date rally can continue.

Analysts expect the chipmaker to report earnings per share of $0.22, compared with a loss of $0.10 in the year-ago quarter, on revenue of $14.45B, up 12.0% year over year.