Stock Market Today, Sept. 16: Intel Jumps on SK Hynix Memory-Chip Manufacturing Talks

INTC surged 4.03% to $101.05 on September 16 following reports of potential manufacturing talks with SKHY to produce memory chips domestically in the U.S. for the first time. The discussions mark a potential entry point for Intel's foundry business into high-bandwidth memory production, a component critical to AI accelerators.

Melius Research backed the rally with a $165 price target and noted potential upside to $200 within two years. The manufacturing agreement, if finalized, would represent SKHY's first U.S.-based memory chip production and could position Intel to capture contracts from hyperscalers building AI infrastructure.

The move comes as Intel attempts to revive its foundry services division amid competition from TSM and growing demand for AI-optimized chips. AMD, a key competitor in the data center space, has relied on external foundries including TSM for its chip production.

Intel's 4% single-day gain reflects investor appetite for any signal that the foundry pivot can attract marquee customers beyond its own chip designs.