Intel Corp. (INTC, Financials), the U.S. chipmaker trying to rebuild its manufacturing business, may have found another use for its domestic factory network.

SK Hynix is in talks with Intel about producing memory chips in the U.S., according to Reuters. If a deal happens, it would mark the first time SK Hynix has manufactured memory chips on U.S. soil.

One idea under discussion is particularly interesting for Intel. SK Hynix could lease part of an Intel facility rather than build an entirely new factory of its own.

That could give SK Hynix a quicker route into U.S. production while giving Intel another way to put its manufacturing footprint to work. The timing also matters.

Memory has become one of the hottest parts of the semiconductor market as AI data centers consume growing amounts of high-bandwidth memory and other advanced chips. SK Hynix has emerged as a major supplier into that boom.

For Intel, the talks come as it looks for ways to make its expensive manufacturing network more productive and strengthen its position in U.S. semiconductor production. There is no deal yet, and the discussions could still change.

But investors now have something concrete to watch: whether Intel can turn factory capacity into an asset that other major chipmakers are willing to pay to use.