Key Highlights
- ON Semiconductor extended its winning streak to a 7th straight day on Wednesday, jumping 11.01 percent to close at $57.15 apiece as investors took heart from its partnership with Innoscience to expand the production of gallium nitride (GaN) power devices in a bid to capture the $2.9 billion market.
- In a statement, ON Semiconductor Corp.
- (NASDAQ:ON) said it signed a memorandum of understanding under which they would collaborate to scale up GaN manufacturing worldwide for faster market availability and adoption.
- It said they aim to target various markets such as robotics, automotive, telecommunications, and AI data center, among others.
- ON Semiconductor (ON) Soars 11% on Aggressive Expansion Plan Photo by Lenny Kuhne on Unsplash “Until now, in the low and medium voltage segments, cost and supply constraints have limited its widespread adoption.
