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ON Semiconductor Corporation (NASDAQ:ON) is one of the 10 Mid-Cap Stocks That Are On Fire Right Now. On April 28, ON Semiconductor Corporation (NASDAQ:ON) announced that it has expanded its global strategic partnership with Geely Auto Group with an aim to speed up the development of next-generation electric vehicles.

As part of this collaboration, ON Semiconductor Corporation’s (NASDAQ:ON) EliteSiC technology will be integrated more deeply in vehicles built on Geely’s SEA-S platform, which is the Super Hybrid version of its Sustainable Experience Architecture. These technologies are designed to support higher-voltage 900V architectures, which help improve energy efficiency, increase driving range, and reduce charging times.

This expanded partnership will also help speed up system-level design and development while delivering a faster, more reliable, and more convenient driving experience for customers around the world.

In other news, on April 23, B. Riley analyst Craig Ellis upgraded the firm’s rating for ON Semiconductor Corporation (NASDAQ:ON) from Neutral to Buy and raised the price target from $64 to $115 on the stock.

The analyst said that B. Riley expects in-line to selectively better quarterly performance from specialty materials companies, even though geopolitical risks are still present.

ON Semiconductor Corporation (NASDAQ:ON), or simply onsemi, is a semiconductor manufacturing company that delivers intelligent power and sensing technologies to support electrification, energy efficiency, safety, and automation across automotive, industrial, and AI data center end‑markets.

While we acknowledge the potential of ON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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