onsemi reports Q1 2026 revenue of $1.51B amid semiconductor market shifts and rising competition.

onsemi reported Q1 2026 revenue of $1.51 billion and non-GAAP EPS of $0.64, reflecting ongoing challenges in the semiconductor market. The company’s Power Solutions Group, focused on silicon carbide (SiC) chips for EVs and AI, faces a slowdown due to weaker U.S. EV sales and easing SiC supply shortages. Meanwhile, its Intelligent Sensing Group encounters increased competition as Sony partners with TSMC to advance automotive image sensors. Despite these headwinds, onsemi’s stock price has surged over 159% in the past year, driven by optimism about recovery in automotive and AI semiconductor demand, though valuation now appears stretched given rising competitive pressures.