Were you wondering why SK Hynix's stock price moved so significantly based solely on the news of discussions with Intel regarding U.S. production? Although factory investment or a joint venture has not yet been finalized, the market reacted first to the supply chain changes and HBM customer accessibility that local U.S. production would bring.
On September 18, 2026, the burden immediately following an interest rate hike coincided with Quadruple Witching Day. In this article, What the negotiations between SK Hynix and Intel actually mean, I will summarize the costs and policy variables behind the expectations, as well as the supply and demand factors that could shake short-term stock prices, in turn.
First, it must be distinguished that U.S. production is not yet a confirmed project.
According to a Reuters report, SK Hynix is discussing plans to produce memory semiconductors in the United States in cooperation with Intel. A proposal to form a joint venture between Intel, SK Hynix, and major cloud companies requiring memory supply was also mentioned.
However, negotiations are in the early stages, and as of that time, neither an investment contract nor the construction of the factory has been decided. Therefore, regarding this news An event in which business potential was disclosed to the market, rather than an announcement of a confirmed U.S. factory or improved performance.It is more accurate to view it as such.
This week's reaction reflects a price movement that anticipates entry into the U.S. supply chain, rather than the confirmed production volume.
![Comparison of stock price growth rates and net purchases by institutions and other corporations for SK Hynix and Samsung Electronics on September 16, [Year]](https://goodlifetips.co.kr/wp-content/uploads/2026/09/image-358.png)
The reason SK Hynix rose more significantly than Samsung Electronics on September 16
![Comparison of stock price growth rates and net purchases by institutions and other corporations for SK Hynix and Samsung Electronics on September 16, [Year]](https://goodlifetips.co.kr/wp-content/uploads/2026/09/image-352.png)
On September 16, 2026, SK Hynix closed at 1,759,000 won, up 4.081 TP3T from the previous day. Samsung Electronics also rose 2.011 TP3T to 253,500 won, breaking a four-day consecutive downward trend for both stocks.
In the early part of the trading session, there was strong wait-and-see sentiment ahead of the September FOMC meeting, but SK Hynix's gains widened in the afternoon as reports of U.S. production talks were released. At the time, net buying of 1.133 trillion won by other corporations and 369 billion won by institutions was recorded at SK Hynix, with supply and demand also supporting the rise.
Samsung Electronics also rose as buying by institutions and other corporations offset selling by individuals and foreigners, but stronger expectations were concentrated on SK Hynix, where the direct news of U.S. memory production was highlighted.
Three reasons why the U.S. production base is highly anticipated
The first is the supply chain and tariffs. If local production in the U.S. is actually pursued, it can participate in the trend of strengthening the domestic semiconductor supply chain, and depending on product and policy conditions, it can also be expected to have the effect of reducing tariff burdens.
The second factor is distance from clients. Supplying memory from a location close to the U.S. AI semiconductor ecosystem, including NVIDIA, offers advantages in terms of logistics and customer collaboration. However, simply being physically closer does not guarantee immediate supply contracts or cost reductions.
Third is the trend of expanding production bases in the United States. TSMC is building a factory in Arizona, and Micron has also been pursuing large-scale production facilities in Idaho and New York. SK Hynix's consultations with the U.S. are being interpreted as a move to secure supply chain leadership amidst this industrial environment.
With HBM, simply moving the factory does not immediately produce the same quality.
Establishing a production line in the U.S. and transferring HBM competitiveness are separate issues. HBM is a product that requires not only advanced microfabrication processes but also skilled personnel, advanced packaging, equipment operation capabilities, and inter-process connectivity.
Even if a new base is established, initial investment costs are incurred, and a period is required to stabilize production yields. There may be a longer gap than the stock price expects until production volume increases, customer approval is obtained, and this is reflected in actual sales and profits.
Because of this Even if U.S. production negotiations are successful, the material is closer to a mid-to-long-term supply chain strategy than short-term performance.If the stock price has risen first, specific details such as investment scale, production schedule, and product range become conditions for further increases thereafter.
Policies and the U.S.-China conflict could change the direction of negotiations.
| division | SK Hynix | Samsung Electronics |
|---|---|---|
| Stock price change on September 16 | 4.08% rise | 2.01% rise |
| closing price | 1,759,000 won | 253,500 won |
| Net purchases by other corporations | 1.133 trillion won | 496 billion won |
| Net buying by institutions | 369 billion won | 415 billion won |
Korea's industrial policy is linked to the issue of deploying memory production technology and key personnel overseas. Even if local production in the U.S. helps stabilize the supply chain, policy decisions can impact business schedules and structures if the scope of technology transfer and personnel mobility expands.
The competition for technological hegemony between the U.S. and China is also a variable. As cooperation with the U.S. strengthens, decision-making becomes more complex than simple factory expansion, as the trading environment with China, equipment procurement, and global production distribution must be considered together.
If we liken business cooperation to an alliance, there exists a simultaneous risk of wasting time and money when negotiations stall, as well as the risk of companies being dragged into policy conflicts in specific countries. One should not focus solely on expectations. Possibility of negotiation breakdown, government assessment, U.S.-China conflictThis is the reason why we need to examine it together.
For short-term stock prices on September 18, you need to analyze the factors separately.
On September 17, the U.S. Federal Reserve raised the benchmark interest rate by 0.251 points to 3.75–4.001 points. The interest rate hike could put pressure on the valuations of growth and semiconductor stocks, and the fact that international oil prices remained in the mid-to-high $100 range during the same period also affects the outlook for inflation and interest rates.
On September 18, September 18 is the Quadruple Witching Day. As the expiration dates for stock index futures and options as well as individual stock futures and options overlap on this day, trading volume and intraday volatility may increase as contract settlements and rollovers rise.
However, the Quadruple Witching Day itself does not necessarily mean a decline. Since the structure involves simultaneous increases in both buying and selling, even if SK Hynix's stock price moves on this day, the supply and demand dynamics regarding U.S. production negotiations, interest rates, oil prices, and derivatives must be interpreted separately.
The key criterion for judging SK Hynix's stock price is not the magnitude of expectations, but whether the agreement leads to actual investment and production. While news and supply and demand may increase volatility in the short term, the mid-to-long-term direction will be determined by the scale of investment, the stabilization of HBM production, and the policy environment.