The transaction, if completed, could reportedly
make SK Hynix the world’s second-largest provider
of NAND flash memory chips behind Samsung
Electronics, another South Korean chip giant.
Demand for flash memory has strengthened
in recent months due to buying of personal
computers and servers as the coronavirus
pandemic forces millions to work from home.
Intel said it plans to invest proceeds from
the transaction into advancing long-growth
priorities, including technologies related to
artificial intelligence and fifth-generation
wireless networks.
“This transaction will allow us to further
prioritize our investments in differentiated
technology where we can play a bigger role
in the success of our customers and deliver
attractive returns to our stockholders,” Bob
Swan, Intel’s CEO, said in a statement.