onsemi Beats Expectations and Raises Outlook as AI and Auto-Chip Demand Drives Recovery

onsemi is a U.S. supplier of power and sensing semiconductors for automotive, industrial and AI data-center applications. Its automotive chip business had been weighed down by inventory corrections and weak demand. Whether the segment can emerge from its cyclical trough this quarter is therefore pivotal to the electric-vehicle supply chain’s recovery and indicates whether AI infrastructure investment is spreading to power-management chips.

On May 4, 2026, onsemi reported first-quarter revenue of $1.5133 billion, non-GAAP earnings of $0.64 per share and a gross margin of 38.5%, all above expectations. It raised its second-quarter revenue forecast to $1.535 billion–$1.635 billion and projected earnings of $0.65–$0.77 per share. AI data-center revenue rose more than 30% quarter on quarter and more than doubled from a year earlier, although profit-taking continued to weigh on the shares after the results.