SiC power & automotive CIS · automotive IDM
onsemi
A power and sensing chipmaker. Strong in vertically integrated SiC power (ingot to device) and automotive CMOS image sensors (46% CIS share, 68% in ADAS). ~$6B revenue in 2025, automotive/industrial led; AI-datacenter power exceeded $250M/yr.
ON Updated Sep 5, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, onsemi is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 45 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-05).
Financials & Segments
- Total revenue · ~$6B revenue (2025)
- Customer concentration · Automotive/industrial led; #1 in automotive CIS (46%).
- Segments · SiC/power · Automotive CIS · Industrial/energy
Revenue from
- Automotive electronics · ADAS (image sensors · power) High confidence· Market share ~46% · 2025 · automotive CIS share
#1 automotive CIS (46%), 68% in ADAS; power devices. - NVIDIA (AI data center 800VDC power) High confidence
In July 2025 onsemi partnered with NVIDIA to develop 800VDC power architectures for next-gen AI data centers — silicon and SiC solid-state transformers, PSUs and core power delivery covering high-efficiency conversion from substation AC/DC to processor-level regulation. The AI power bottleneck is a new demand axis for onsemi power semiconductors, a growth option beyond automotive SiC.Confirms EN onsemi Published Jul 29, 2025: onsemi collaborates with NVIDIA on 800 VDC power solutions for next-gen AI data centers - Hyundai Motor Group / Kia (EliteSiC traction inverter) High confidence
onsemi's EliteSiC power module was selected for the traction inverter of Hyundai Motor Group's high-performance EVs — first in the Kia EV6 GT (Jan 2023), expanding to next-gen high-performance EVs on the HMC/Kia shared E-GMP platform. It converts the battery's 800V DC to AC for the rear drive with high efficiency, lifting range and performance — a named anchor of onsemi's automotive SiC demand.Confirms EN onsemi Published Jan 4, 2023: onsemi SiC power module for traction inverters selected for Hyundai Motor Group's high-performance EVs (Kia EV6 GT) - industrial · energy · AI datacenter (power) Medium confidence
SiC power for industrial/energy and AI-datacenter power ($250M+/yr). - Flex Ltd. Medium confidence
This power module product, co-developed with Flex, shows that Flex Power Modules (now part of Flex's CPI segment) adopted onsemi's semiconductor controller for data center power supply. No specific sales value was disclosed.Confirms EN Flex Published Oct 13, 2022: New ultra-small intermediate bus converter developed together with onsemi
Pays to
- SiC ingots · substrates (vertically integrated) High confidence
Vertically integrated SiC ingot-to-device. - in-house fab & back-end (undisclosed) Low confidence
In-house fabs and back-end. - Applied Materials Low confidence
Sources SiC/power fab tools from Applied Materials (IDM).
Investments
- SiC capacity investment (GTAT acquisition, boule/substrate/epi expansion) High confidence
onsemi's SiC edge comes from vertical integration built with front-loaded capital — the 2021 acquisition of GT Advanced Technologies (GTAT) secured SiC materials, and it has expanded capacity from boule growth in Hudson, NH through substrate, epitaxy, device and packaging. This SiC capacity investment removes external-substrate dependence to control cost and supply — a moat and a precondition for capturing EV and AI power demand.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +9.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| Flex Ltd. | lead1 | +1.9 | +17.1 | +41.9 | +67.2 | +57.4 | +81.2 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| onsemi | node | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Applied Materials | benef1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +205.9 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +34.3 |
| SMC Corporation | benef2 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +12.5 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
onsemi operates across NASDAQ, SiC power & automotive CIS, automotive IDM. After -14.1% in 2025, it rebounded +37.4% in 2026. The supply side (avg +77.6%) has moved harder than the stock (+37.4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Flex Ltd. (+81.2%) and the furthest behind is Hyundai Motor Company (-22.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. ~$6B revenue in 2025, automotive/industrial led; AI-datacenter power exceeded $250M/yr.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $128 · Price $74.38 (09-04) · Upside +72%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Susquehanna · Christopher Rolland | Positive | $150 | Jul 9, 2026 | Report ↗ |
| Cantor Fitzgerald · Matthew Prisco | Neutral | $110 | Jun 29, 2026 | Report ↗ |
| KeyBanc Capital Markets | Overweight | $125 | May 5, 2026 | Report ↗ |
Susquehanna, KeyBanc and peers keep raising targets on AI data-center power silicon and an industrial recovery, firming up the Buy consensus.