ON Semiconductor Corp

ON remains caught in a Stage 4 decline with a clear sequence of lower highs and lower lows, anchoring a bearish medium-term bias. Short-term timing is neutral as price trades well below declining EMAs and despite extreme oversold conditions shows no exhaustion or reversal signals. Execution should be deferred to failed rallies into the declining 9/21 EMA resistance zone to align with the prevailing downtrend.

• ↑Q1 2026 revenue $1.51B (+5% YoY); AI data center sales +30% QoQ.
• ↑Gross margin reached 38.5% for third straight quarter; expects further expansion.
• ↓GAAP operating margin –3.5% amid rising costs; profitability remains weak.