ON Semiconductor reported Q2 2026 revenue of $1.604 billion, up 9% from a year earlier, with non-GAAP earnings per share of $0.74 beating the roughly $0.71 consensus estimate and GAAP diluted EPS of $0.56. Free cash flow quadrupled to $425.4 million as Power Solutions Group revenue rose 19% to $829 million on AI data center demand, helping produce a 39.3% non-GAAP gross margin and a 20.8% non-GAAP operating margin. The company said its AI data center revenue should more than double by the end of 2026, citing its expanding role in the NVIDIA MGX ecosystem and a new collaboration with Great Wall in China, and it also announced plans to acquire Synaptics to expand in connected compute and physical AI applications. ON Semiconductor guided for Q3 2026 revenue of $1.65 billion to $1.75 billion and non-GAAP gross margin of 40% to 42%, while after-hours shares rose following the release.