ON Semiconductor (ON) stock slid amid volatility on May 27, following a recent surge.
A broader AI-driven chipmaker rally drove the prior stock jump. Record highs in the Nasdaq and S&P 500 also supported the gains.
A strong first-quarter earnings report further fueled the momentum.
Management doubled its 2026 AI-related revenue forecast to over $500 million.
Analysts cited this upgraded outlook as a key factor in the renewed bullish sentiment. The market now views ON Semiconductor as a more significant beneficiary of long-term AI demand.