ON is trading 4.1% down at $87.38 in pre-market. The decline follows onsemi's announcement on July 7, 2026, of agreements to divest two manufacturing facilities as part of its 'Fab Right' strategy. This move coincides with a broader semiconductor-sector selloff and AI-chip profit-taking reported on July 7, 2026, as investors reassess elevated valuations and the sustainability of debt-funded AI spending across the sector.