Marvell shares rise on SK Hynix-Intel deal talks
Shares of Marvell Technology rose as much as 5.4% and were up 3.5% at 11:59 a.m. ET after a Reuters report said SK Hynix is in talks with Intel to manufacture memory chips in the United States and could lease part of Intel's Ohio facility. SK Hynix said no specific plans are finalized. Marvell already partners with SK Hynix to speed data transfers between processors and memory, and any easing of memory shortages would support AI development and benefit firms in the semiconductor ecosystem. Marvell trades at about 34 times next year's expected earnings despite record revenue.
Marvell stock rose after reports of SK Hynix-Intel manufacturing talks.
Context
A Reuters report said SK Hynix is exploring U.S. production with Intel. SK Hynix said no deal is finalized. If talks succeed, Intel's Ohio foundry may host production and that could ease memory shortages for AI.
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