SK Hynix (000660 KS) chairman says a tie up with Kioxia (285A JT) is an option

Talk of combination in memory is a recurring theme rather than a new one: Kioxia has been at the centre of repeated consolidation efforts in the past, including attempted tie-ups with its joint-venture partner in flash production, and those efforts have historically stalled on valuation gaps and the difficulty of separating shared fab arrangements. SK Hynix already has an indirect economic interest in Kioxia through the consortium that took the business private, so a chairman floating a tie-up as an option is consistent with a long-standing strategic position rather than a fresh approach. The transmission channel on past episodes has run through the memory complex: consolidation talk tends to lift NAND-exposed names on supply-discipline logic, while the acquiring party's own equity has historically traded on funding and integration risk. The operative distinction is between exploratory optionality language and an actual process with advisers and a timetable; only the latter has moved pricing durably in this sector. Worth watching are any response from Kioxia's side, the stance of its existing JV partner given consent and fab-sharing complications, and whether official or antitrust considerations surface, since cross-border memory deals have drawn regulatory scrutiny before. As phrased, this is chairman-level optionality, which sits at the low end of the credibility scale for deal talk.