ON Semiconductor (ON) Jumps 19% on Automotive Production Ramp-Up

We recently published a list of 15 Stocks That Stole The Show Last Week. In this article, we are going to take a look at where ON Semiconductor Corporation (NASDAQ:ON) stands against other best stocks that stole the show last week.

ON Semiconductor grew its share prices by 19.39 percent week-on-week as investor sentiment was boosted by its optimistic outlook about the automotive sector and its significant benefits to its business.

While ON Semiconductor Corporation (NASDAQ:ON) remained cautiously optimistic about the ongoing global trade tensions, it expected to see growth in the second half of the year on expectations of higher automotive manufacturing activity in China.

Additionally, the company said it gained a significant market share outside China, with continued volume growth in European electric vehicles.

To mitigate geopolitical risks, ON Semiconductor Corporation (NASDAQ:ON) said it adopted a dual manufacturing strategy, with primary and secondary production facilities located both in the US and overseas.

A semiconductor engineer in a state-of-the-art laboratory, analyzing advanced semiconductor products.

“When you have a primary and a secondary—one in the US, one outside the US—when you have geopolitical uncertainties, that becomes a competitive advantage. And we’ve been utilizing that competitive advantage to maintain stability with our customers and really capture the demand without the volatility,” said ON Semiconductor Corporation (NASDAQ:ON) President and CEO Hassane El-Khoury.

Overall, ON ranks 14th on our list of best stocks that stole the show last week. While we acknowledge the potential of ON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.