NASDAQ Semiconductor Stocks Plunge... $7 Billion Vanished in a Day for Power Chip Leader

On Semiconductor Corp. (NASDAQ: ON) saw its share price tumble 12.6% from the previous day to close at $115.21, with trading volume topping 14.3 million shares. Consequently, its market capitalization shrank by about $5 billion—roughly ₩7 trillion—in a single day, leaving it at approximately $45.1 billion (around ₩63 trillion).

In its recently released Q1 2026 results, the company reported revenue of $1.513 billion, exceeding the midpoint of its guidance, and noted that AI data-center sales more than doubled year-over-year. It also announced a $1.3 billion zero-coupon convertible bond issuance maturing in 2031 to fund additional investments in power semiconductors and AI. Analysts say today’s share-price decline largely reflects a broader semiconductor sell-off following Broadcom’s disappointing AI outlook.

Headquartered in Phoenix, Arizona, On Semiconductor is a power and sensing semiconductor manufacturer that’s focused on power chips for electric vehicles, industrial automation, and AI servers as its core growth drivers. By shifting beyond general-purpose discrete chips to concentrate on silicon carbide and GaN power devices, the company has grown its automotive and industrial revenue mix and earned a reputation as a leading “power semiconductor” stock.