Intel and SK Hynix Partnership Report Sends Chip Stocks Soaring

Intel and SK Hynix shares rose after reports of a potential partnership between the two companies. According to Reuters, Intel and SK Hynix discussed a memory chip manufacturing deal in the United States.

The talks are still exploratory, with no decisions made yet. Potential pushback from the South Korean government could complicate any deal. SK Hynix said it is reviewing options for additional production bases but that 'no matters have been determined at this stage.'

Other chip stocks also moved higher Wednesday, including Coherent, Corning, Dell, and Lumentum.

Crypto-linked stocks fell after the Clarity Act failed a Senate vote. Coinbase, Robinhood, and Strategy all slipped, following Tuesday's drop when the bill collapsed.

J.B. Hunt Transport Services was another big decliner, with its CFO projecting a 5-10% profit decline next quarter due to higher costs.

Markets remain focused on the Federal Reserve's interest rate decision later in the day and any signals from Chair Warsh about the path of interest rates into year-end.