🟢 ON Semiconductor is trading 4.7% up today after beating Q2 estimates and doubling AI revenue outlook

ON Semiconductor is trading 4.7% up at $84.20 after reporting stronger-than-expected Q2 results and a robust outlook for AI-related growth.

• The company beat Wall Street estimates with adjusted EPS of $0.74 versus $0.71 expected and revenue of $1.6 billion.
• Management highlighted plans to roughly double AI data center revenue, a key driver in boosting investor sentiment regarding the company's future growth.