ON Semiconductor (ON.O) "Beat & Raise" as AI Data Center Revenue Accelerates CITI'S TAKE ON delivered a "beat and raise" quarter and guided to above seasonal 3Q26 growth, driven by pricing and accelerating AI data center demand (~8% of 2Q26 revenue). ON expects its AI data center business to outgrow the market's projected 72% CAGR through 2030 and sees gross margins expanding through 2026 given improving utilization and mix. We adjust our C26/C27/C28 EPS estimates by 2%/0%/2%. We remain Neutral rated and ad ...