ON Semiconductor is trading 4.7% down at $84.00 in pre-market following its announced all-stock acquisition of Synaptics and a broader sector selloff.
- The Synaptics deal is drawing investor concern as it is perceived as dilutive and strategically controversial.
- The decline coincides with a wider semiconductor retreat fueled by rising TSMC capital spending concerns and stretched AI valuations.
- Market participants are also engaging in profit-taking following a strong recent rally in major chip names.