Stock Market Today, Sept. 16: Intel Jumps on SK Hynix Memory-Chip Manufacturing Talks
Intel (NASDAQ:INTC), leading producer of advanced semiconductor chips and processors, closed at $101.05, up 4.03%. Reports of talks with SK Hynix (NASDAQ:SKHY) to manufacture its chips domestically in the U.S. for the first time, along with analyst target hikes, drove the gain. That moved the stock, with investors watching foundry deals and AI demand.
Trading volume reached 117.5 million shares, coming in nearly 7.4% above its three-month average of 109.5 million shares.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,552, down 0.45%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 25,978, down 0.01%. Among semiconductors and semiconductor equipment peers, Advanced Micro Devices (NASDAQ:AMD) closed at $512.50, up 1.65%, and Taiwan Semiconductor Manufacturing (NYSE:TSM) closed at $417.72, up 1.23%, as investors kept focus on CPUs, data-center chips, and foundry services.
What this means for investors
A deal with SK Hynix would help support Intel's growing domestic foundry investments, giving it a high-profile customer. That would also bolster Intel's plan to lead the domestic semiconductor foundry business.
A deal hasn't been announced, but it could take the form of SK Hynix leasing part of Intel's chipmaking capacity and expanding domestic facility capacity, according to Reuters.
Another catalyst today came from multiple analyst target raises. Melius Research reiterated its "Buy" rating with a $165 price target. Analyst Ben Reitzes noted that the stock could also rise to $200 per share in two years, driven by its foundry business and AI tailwinds. Investors should monitor Intel's future comments regarding its foundry business to be sure more deals are in the works.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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