tech
ON Semiconductor Records Worst Day Since 2020 as CEO Defends Synaptics Deal
The pivot into physical AI grows On Semi's addressable market by an additional $30 billion, the company said.
TL;DR
- ON Semiconductor is acquiring Synaptics in an all-stock deal to enter the physical AI market.
- The acquisition aims to grow the company's addressable market by $30 billion to $243 billion by 2030.
- CEO Hassane El-Khoury defended the company's core business, stating it remains strong.
- The deal is expected to close by mid-2027 and generate $200 million in annual synergies.
- ON Semiconductor believes Synaptics' Astra platform will enhance its Edge AI capabilities.