35 Chip Stocks Powering AI Boom

19. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 45   

ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions in the United States and internationally. The Intelligent Sensing department of the company focuses on designs and development for imaging sensors and image signal processors, which are becoming increasingly important, especially in automotive and industrial automation and in AI-powered applications. The firm markets innovative power supply solutions used to power high-density servers that can handle the larger data loads and intense power consumption required to power many Gen-AI applications and tools. For example, the multiphase controllers of ON are able to accurately and quickly supply power to all server racks in AI data centers, making them more energy efficient compared to competitors.

ON Semiconductor Corporation (NASDAQ:ON) is one of the most trusted chipmakers on Wall Street. Truist recently raised the price target on the stock to $97 from $85 and kept a Buy rating, noting that the company’s Q2 results and Q3 outlook were better than feared as the management was doing well relative to what it could control in terms of product development, design wins, and cost management.