ON Semiconductor Corporation (NASDAQ:ON) traded at around $83 on October 7, down 4.40% on the day, though still 72.72% higher over twelve months. The shares change hands at 53.23 times trailing earnings and 18.22 times forward. A gap that wide between the two says the market expects profit to nearly triple from here. READ ALSO: Is Lam Research, KLA, or Applied Materials the Best Chip Equipment Buy? Jim Cramer Weighs InWhat is ON Semiconductor's (ON) Economic Moat, and is it Widening or Narrowing? The Moat Is the Qualification Cycle, Not the Chip: A power management chip is not a difficult product to describe. Getting one into a car is the difficult part. An automaker qualifies a component over several years and then designs a platform around it.
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