Top 10 AI Stocks on Latest News and Analyst Ratings

5. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 45

ON Semiconductor Corporation (NASDAQ:ON), or onsemi, is a semiconductor manufacturing company that provides intelligent sensing and power solutions. On December 9, the company announced that it has agreed to acquire the Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology business from Qorvo for $115 million in cash. The acquisition, including the United Silicon Carbide subsidiary, will be a valuable addition to Onsemi’s extensive EliteSiC power portfolio, the company’s line of high-performance power semiconductor devices based on Silicon Carbide (SiC) technology. The move will enable it to meet the growing needs for energy and power density for AI data centers. It will also help the company excel in emerging markets such as EV battery disconnects and solid-state circuit breakers (SSCBs).

“As AI workloads become more complex and energy-intensive, the importance of reliable SiC JFETs that deliver high energy efficiency and are able to handle high voltages will continue to increase. With the addition of Qorvo’s industry leading SiC JFET technology, our intelligent power portfolio offers our customers yet another solution to optimize energy consumption and increase power density.”

-Simon Keeton, group president and general manager of the Power Solutions Group, onsemi.