Shares rose 2.20% to $103.03 on Friday, topping the previous $101.69 peak set on 30 April and extending gains for a third straight session.
The stock outperformed in a mixed US market, as the S&P 500 gained 0.29% while the Dow fell 0.31%; Nvidia and Qualcomm declined, while Broadcom rose.
Trading volume reached 9.6 million shares, above the 50-day average of 8.5 million, signalling stronger investor activity as the chipmaker set another record close.
Why is ON Semiconductor's stock surging while Wall Street analysts remain cautious with much lower price targets?
As AI reshapes the chip industry, can ON Semi's power-focused strategy challenge the market dominance of tech giants?