US Power Semiconductor Giant Loses $3 Billion in Market Cap in One Day

ON Semiconductor Corp (Nasdaq: ON) closed at $109.44 on the Nasdaq on the 24th, marking a 5.45% drop. The company’s market capitalization stands at about $42.8 billion (roughly ₩58 trillion), and it lost approximately $2.2 billion (around ₩3 trillion) in a single trading day. Volume surged to about 6.24 million shares—well above the norm—as selling pressure intensified.

Earlier in May, ON Semiconductor reported its Q1 2026 results and on May 6 unveiled plans to issue roughly $1.3 billion (around ₩1.7 trillion) in convertible bonds. At the start of the year, the company also announced a $6 billion (approximately ₩8 trillion) share repurchase program, combining growth investments in AI data centers and power semiconductors with shareholder returns. (investor.onsemi.com)

Headquartered in Scottsdale, Arizona, ON Semiconductor is a top-tier global supplier of power and analog semiconductors, serving markets from electric and autonomous vehicle power modules to industrial power management and image sensors. Recently, the company teamed up with GlobalFoundries to co-develop next-generation GaN power devices, targeting high-efficiency power solutions for electric vehicles and data centers. (en.wikipedia.org)