Intel pares gains after SK Hynix says no plans confirmed on reported talks
BUZZ-Intel pares gains after SK Hynix says no plans confirmed on reported talks Updates
** Intel INTC.O shares up 3.4% at $100.41 in premarket trading, but pare earlier gains after SK Hynix 000660.KS, SKHY.O says no plans confirmed regarding talks with INTC to make memory chips in the U.S.
** INTC shares had gained as much as 5.2% following a Reuters report that SKHY was in talks with the co for a deal for memory chip production
** SKHY up 3%
** SKHY says it is exploring options to strengthen global competitiveness, but no specific plans or arrangements have been finalized
** INTC was recently trading at 49x its expected earnings, vs 5-yr avg forward PE of 36, suggesting it might be overvalued, per LSEG data
** INTC up about 163.3% YTD, far outpacing an 11.8% rise in the Nasdaq .IXIC
(Reporting by Rashika Singh and Sudeshna Ghoshal in Bengaluru)
Recent news on Intel
See all newsUS chip-related stocks advance on upbeat AI demand outlook
Brief: AMD, Intel Collaborate To Simplify AI Development On X86 CPUs Using PyTorch
US STOCKS-Nasdaq climbs as chip and AI-linked stocks bounce back
US STOCKS-Nasdaq climbs as chip and AI-linked stocks bounce back
US STOCKS ON THE MOVE-CoreWeave, Moderna, Datadog