On August 4, ON Semiconductor rose 6.73% overnight, trading at $86.1/share, with turnover of $10,600.

The rally was driven by the company's stronger-than-expected Q2 financial results and bullish forward guidance. ON Semiconductor reported adjusted earnings per share of $0.74, surpassing the analyst consensus of $0.71 by 2.78%, representing a 39.62% year-over-year increase from $0.53. Revenue reached $1.60 billion, up from $1.47 billion a year earlier and above the $1.59 billion estimate.

For Q3, the company guided adjusted EPS of $0.81 to $0.93 on revenue of $1.65 billion to $1.75 billion, both exceeding Wall Street expectations of $0.83 EPS and $1.67 billion revenue. Additionally, ON Semiconductor highlighted that its AI data center business remains its fastest-growing segment, with revenue expected to more than double, further boosting investor confidence.

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