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ONBullishIndustry Newsnews

High materiality8/10

ON Semiconductor targets AI data center growth and power tech expansion

Sep 17, 2026, 1:32 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Positive investor-day disclosures, a favorable long-term growth path, and an elevated EPS target relative to consensus could drive multiple expansion and upside price action.

AI summary

What happened, with direct paths to the underlying reporting

JPMorgan views ON Semiconductor's broader portfolio and systems strategy as a key driver for AI data-center growth, with revenue seen surpassing $2.5B by 2030 and 2030 content per AI rack near $115k. Management targets a 12–14% revenue CAGR 2026–2030, gross margins around 53%, and robust free cash flow. A late-2026 Vcore design win could provide a near-term catalyst supporting the bull case.

JPM sees AI data centers and new power tech as ON's long-term growth drivers.
ON targets a grid-to-rack-to-chip power chain for AI systems.
AI data center revenue expected to grow >50% CAGR 2026-2030 to $2.5B+ by 2030.
Content per AI rack projected to rise from $15k to about $115k by 2030.
2030 EPS target $10–$11, vs. current consensus around $8.

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