The news is primarily an analyst action (rating/price target increase) with some supporting company/product context (GaNEXUS launch and sampling). This can influence near-term sentiment and trading, though it is not a direct earnings or macro catalyst.
Wells Fargo Maintains an “Overweight” rating on ON Semiconductor Corporation (ON) Fatima Gulzar Sun, June 21, 2026 at 1:41 PM GMT+2 2 min read ON ON Semiconductor Corporation (NASDAQ:ON) is among the 10 Best EV Stocks to Invest In According to Hedge Funds . On June 9, Wells Fargo raised its price target on ON Semiconductor Corporation (NASDAQ:ON) to $140 from $115. The analyst maintained an “Overweight” rating on the shares.
It also noted the emergence of “physical AI,” pointing to humanoid robotics as a potential long-term growth driver for analog and mixed signal chipmakers. The firm estimated a $1. 6 billion semiconductor opportunity by 2030 linked to that trend.
That same day, ON Semiconductor Corporation (NASDAQ:ON) announced the launch of GaNEXUS. It is a gallium nitride power portfolio designed to improve efficiency and power density across artificial intelligence data centers, robotics, and energy infrastructure applications. The company said its GaNEXUS FETs, from 40V to 650V, are now sampling and include integrated protection features to simplify system integration and improve reliability.
The corporation stated that the platform delivers faster switching speeds, lower losses, and high thermal performance. When paired with its Treo platform, it enables more solid system-level power solutions. Wells Fargo Maintains an “Overweight” rating on ON Semiconductor Corporation (ON) Photo by JESHOOTS.
COM on Unsplash ON Semiconductor Corporation (NASDAQ:ON) works in the provision of intelligent power and sensing solutions with a primary focus on automotive and industrial markets. It operates through Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group segments. While we acknowledge the potential of ON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.
If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy . Disclosure: None.
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