ON Semiconductor is projected to report Q2 2026 revenue of $1.59 billion and earnings per share of $0.72, while the current stock price of $81.61 sits significantly below the average analyst target of $113.12. The primary focus for investors is the recovery trajectory of the automotive and industrial segments following the 2025 cyclical trough, specifically regarding the doubling of AI data center revenue guided for the full year. Recent performance suggests that customer inventory corrections are largely complete, with management focusing on the "Fab Right" strategy to exit non-core businesses and improve efficiency. This transition is expected to support margin expansion as factory utilization rates begin to normalize amid rising demand for EliteSiC and high-efficiency power solutions.