US Stock Market Move | Stock price surges then pulls back! Intel Corporation (INTC.US) gains narrow to 4% as SK Hynix clarifies cooperation rumors.

On Wednesday, Intel Corporation (INTC.US) surged more than 7% during intraday trading, before narrowing its gain to 4% as of press time, at $101.28. On the news front, according to reports, three people familiar with the matter revealed that SK Hynix is in talks with Intel Corporation over cooperation, planning to produce memory chips in the United States for the first time. The negotiations are focused on Intel Corporation's chip manufacturing plant in Ohio. In response, SK Hynix said: "We would like to clarify that there is currently no conclusion regarding cooperation with any specific company mentioned in the report, or regarding producing memory chips in the United States. SK Hynix is exploring multiple options to enhance its global competitiveness, but no specific plans or arrangements have been finalized." The company also stated that no decision has been made regarding either of the two cooperation scenarios mentioned in the report.