AI Prospecting for ON Semiconductor

ON Semiconductor reported second-quarter 2024 results with revenue of $1,735.2 million, a GAAP gross margin of 45.2%, and GAAP diluted earnings per share of $0.78. The company also announced a free cash flow increase of ~$250 million year over year and returned ~$650 million to shareholders through stock repurchases[4]. Additionally, ON Semiconductor is positioned to benefit from the growing demand for SiC and GaN power semiconductors, driven by the adoption in electric vehicles, renewable energy, and industrial automation, with the market expected to grow at a 27.1% CAGR through 2034[3]. Large investors have taken a predominantly bearish stance on ON Semiconductor, with 72% of recent high-value options trades being bearish, targeting a price range of $60 to $70[1].

ON Semiconductor has been selected as the primary supplier of image sensors for Subaru's next-generation EyeSight stereo-camera front sensing system, using the advanced Hyperlux AR0823AT image sensor with HDR technology and functional safety features. Additionally, onsemi signed a multi-year deal with Volkswagen Group to supply a complete power box solution based on its EliteSiC M3e platform for next-generation traction inverters[1].

ON Semiconductor has acquired SWIR Vision Systems, integrating its CQD® short wavelength infrared technology with onsemi's CMOS sensors to create cost-effective, high-volume SWIR sensors for industrial, automotive, and defense applications[1].