Onsemi and the Czech Ministry of Industry and Trade have canceled the $2 billion silicon carbide chip plant expansion in Rožnov due to changes in the global market and economic conditions. The cancellation reflects lower-than-expected electric vehicle demand and competition from cheaper Chinese wafers, making in-house wafer production less viable. Onsemi is now focusing more on AI data center power, where revenue is growing rapidly, though automotive remains its largest segment. The company will continue current production and investment in the Czech Republic but with less capital tied to electric vehicle chips.
Onsemi's $2 billion chip plant cancellation is context for readers following technology stocks. For readers following technology stocks, here is Pluang's market snapshot as of Nov 07, 2026 22:41 WIB: out of 150 priced US technology stocks, 80 rose and 68 fell. Notable movers include RGTI at USD 11.75 with a 19.29% increase, QBTS at USD 10.68 with an 18.01% increase, and CIFR at USD 6.54 with a 17.93% increase.
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