ON Semiconductor stock fell about 9% today, trading near $119 per share after closing around $132 the previous day, as investors took profits following a sharp recent rally. The decline occurred despite supportive broader trends in AI, electric vehicles, and power semiconductors, with the move attributed to valuation and profit-taking rather than a negative company announcement. Texas Instruments recently reported 19% revenue growth, while STMicroelectronics posted 23% revenue growth with a 34% gross margin. ON’s latest gross margin was near 39%, with revenue of about $1.5 billion and non-GAAP EPS of $0.64. Wells Fargo kept an Overweight rating and raised its price target to $140 from $115, while Mizuho raised its target to $150 from $130. Recent company updates included the launch of the GaNEXUS gallium nitride power portfolio for AI data centers, 48V systems, robotics, industrial automation, and energy infrastructure. At Bank of America’s Global Technology Conference, CEO Hassane El-Khoury said Q1 marked an inflection as backlog visibility improved, AI data center revenue came in 2x above expectations, and customers were layering backlog further into Q3 and Q4, though he cautioned, “we’re not off to the races as yet.” The stock’s valuation model uses a revenue growth CAGR of around 8%, operating margins around 24%, and an exit P/E multiple around 21x, with