Key Points ON Semiconductor is shifting toward integrated AI power solutions in response to changes in its end markets. Management projects strong revenue and margin growth through 2030, but market skepticism still persists. 10 stocks we like better than ON Semiconductor › The stock of intelligent power and sensing chip company ON Semiconductor (NASDAQ: ON) has had a wild ride in 2026. It delivered an exceptional performance, driven by a combination of soaring demand from its fast-growing artificial intelligence (AI) data center market and a cyclical recovery in its core automotive and industrial end markets.
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