ON Semiconductor’s $100 Bull Case Runs Into a Bearish Chart
Seaport Global analyst Jay Goldberg initiated coverage of ON Semiconductor with a Buy rating, citing improving semiconductor demand.
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ON Semiconductor and Valens Semiconductor are collaborating on an integrated sensor built around MIPI A-PHY for 3-megapixel automotive cameras.
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The global RF System-on-Chip (SoC) market is projected to grow at a compound annual growth rate of 8.5% to 10.5% from 2026 through 2031, driven by 5G deployment, IoT expansion, and automotive applications. The market is valued between USD 5.9 billion and USD 10.7 billion in 2026, with Asia-Pacific leading regional growth. Key technology trends include direct RF-sampling, advanced manufacturing processes (RF-SOI, SiGe, CMOS), and multiprotocol support for smart-home connectivity.
TSMC is experiencing strong customer engagement for its next-generation A14 process technology across smartphone, HPC, and AI applications, with tape-outs already underway. The A14 is designed to deliver 10-15% higher performance or 25-30% lower power compared to N2, with volume production expected in 2028. TSMC also introduced A13 and A12 as extensions of the A14 family for 2029 production, potentially making A14 a larger and longer-lasting node than N2.
Seaport Global analyst Jay Goldberg initiates coverage on ON Semiconductor (NASDAQ:ON) with a Buy rating and announces Price Target of $100.