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ON Semiconductor Corporation (onsemi)
Information Technology · Semiconductors
Structural: #1 merchant SiC supplier by revenue share into auto traction (Tesla, BMW Neue Klasse, VW MEB, Hyundai) - SiC content per EV ~$750-$1,000 vs ~$80 Si in ICE. Pivoting fab mix from 8-inch Si to 12-inch SiC + 300mm power IC (East Fishkill) - gross margin floor in cycle trough is the model variable.
Image-sensor franchise (Hyperlux) is the ADAS leg - Hyundai/Kia design wins extend through this decade.
- SiC LTSAs cover multi-year EV ramp at locked pricing; backlog gives volume visibility through 2027
- East Fishkill 300mm power IC fab lifts structural margin once utilized
- Intelligent power into AI datacenter (48V rack, GaN) is a new attach with $NVDA / hyperscaler pull
- Image sensor share gains in ADAS as L2+ attaches in mid-segment vehicles
- EV demand reset (Western OEMs cutting volume) drags SiC utilization; inventory correction depth unclear
- China SiC capacity ramp ($STM, BYD captive, local entrants) compresses ASPs into 2026-27
- Auto cycle trough margin is unprovenat the new 12-inch mix - fixed-cost absorption risk
- Image sensor competes with $SONY (#1) and $STM in flagship attach
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