ON Semiconductor held Financial Analyst Day on September 16, 2026, outlining a $213B 2030 TAM with 12–14% revenue CAGR and 53% gross margin targets, but the stock dropped 9% to $66.60 amid a technical breakdown. The company is positioned in AI data-center power infrastructure and expects that segment to exceed $500M in 2026, growing toward $2.5B by 2030, while benefiting from prior capex investments and a shift toward capacity optimization rather than new greenfield spending.