ON Semiconductor Corporation raised its long-term revenue compound annual growth target to 12% to 14% through 2030, from 10% to 12%, and is targeting roughly $11 billion in revenue. CEO Hassane El-Khoury said the company currently sees a $213 billion total addressable market for its core business, excluding about $30 billion tied to its pending acquisition of Synaptics Inc.; the combined opportunity would exceed $243 billion if the transaction closes. AI data centers are the main growth driver, with the company aiming for about $2.5 billion in AI-related revenue by 2030. Earlier modeling had indicated that AI-related revenue could exceed $2.5 billion by then, while revenue was expected to rise from about $500 million in 2026. ON is focusing on advanced power-density technologies, including its Embedded Power Platform, for AI data centers and electric vehicles. El-Khoury said the AI data-center market could grow about 40%, while ON Semiconductor's business is growing more than 100% in 2026 and 2027. The company expects higher semiconductor content per AI rack as power requirements increase, alongside continued opportunities in automotive electrification, autonomous driving, software-defined vehicles, industrial systems and physical AI. ON is targeting a 53% gross margin and 38% operating margin under its 2030 model. UBS rated the shares Neutral.