SK Hynix (SKHY) Stock Rises as Company Breaks Ground on $4 Billion Indiana Facility
TLDR
- SK Hynix stock rose 2.3% to $161.61 on Thursday, supported by an analyst upgrade and Nvidia-driven AI memory demand optimism.
- The company broke ground on a $4 billion+ facility in West Lafayette, Indiana, its first U.S. high-bandwidth memory packaging base.
- The Indiana site will employ around 1,000 people, with the cleanroom opening by October 2028 and mass production starting in the second half of 2029.
- SK Hynix will receive up to $458 million in direct funding and up to $500 million in loans through the U.S. CHIPS and Science Act.
- Wall Street remains bullish with a consensus “Buy” rating and an average price target of $248, though near-term profit-taking and Chinese competition remain risks.
SK Hynix stock climbed 2.3% to $161.61 on Thursday, touching an intraday high of $164.73. The stock had closed at $158.02 the session before.
The move came on the back of an analyst upgrade and renewed optimism around AI-related memory demand, following strong guidance from Nvidia.
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