Bullish ON thesis by tomtrades

ON - ON Semiconductor Corp - Technology

If you told me a year ago ON was gonna go full rocket ship from $43 to $116 without pausing for breath, I would’ve laughed and bought puts. But here we are looking at a line that just keeps dog walking its shorts. This is meme behavior, but the scary thing is, it’s all on earnings and that power management/EV tailwind. Last quarter’s print? Absolute face melter. That’s why I think there’s still room for this train to run.

I’m bullish with my target at 132.00 because the momentum is real and Wall Street is finally waking up to the secular growth story here not just EV, but every high demand chip vertical these guys touch. Their lead times are stabilizing and margins keep surprising to the upside (which is what’s keeping this rally juiced, in my opinion). Plus, with all the noise about the chip cycle, ON keeps showing it isn’t just some cyclical semiconductor name.

Here’s my two cents of FOMO: If ON can land just one more beat and raise next quarter, I see this being a magnet for every fund that missed the big move and wants to make up for it before year end. There’s always a risk this gets treated like dead money if the next guide is soft or Elon sends EVs to Mars instead of consumers, but honestly, the earnings momentum is almost too obvious.

I know it’s up a ton already, and yeah, maybe it’s crowded. But look at the chart. This thing left gravity behind in April. If you’re scared of heights, maybe this is a bad spot. If you like catching rockets, set your eyes on $132.00 and buckle up for the next earnings call. Not quite YOLO, but I’m onboard.

Bullish

Open

Created May 27, 2026

Community vote

Entry Price

$116.20

Above

$132.00

Target Date

Jul 22, 2026

Karma

125 to 17562

Above target (win)Projection

Comments

May 27, 2026 · 14:54

It’s wild how ON’s just burned through resistance, but man, chasing momentum this far up feels dicey. I get the power management/EV angle and those earnings were hard to ignore, but a chart that vertical doesn’t usually end with a gentle landing. I’d want to see more than one more monster quarter before piling in at this price. Feels like a spot where you could get rugged if the macro shifts or growth slows even a little.

May 29, 2026 · 00:34

I hear you, that chart scares me too when it gets this vertical. But honestly, the last print wasn’t just sizzle, it was real numbers and guidance. Not saying there won’t be a pullback, but if the tailwinds keep hitting the way they have been, I get why you’d want to stay long a bit more. Probably not where I’d start a new position, but hard to argue the trend.

May 28, 2026 · 00:30

Honestly I’m with you on the earnings and the EV hype, but at this price I just can’t shake the feeling that ON’s already baked in a ton of good news. The whole “dog walking its shorts” thing is real, but eventually something trips that up. I’ll watch from the sidelines for now don’t hate the trade, just wouldn’t chase it this late.

May 28, 2026 · 22:53

Totally fair, ON’s run has been insane and yeah, EV optimism is probably getting priced in pretty aggressively. But that last earnings was more than just hype they posted legit numbers and those don’t always reverse overnight. I’m holding but honestly wouldn’t add more here either. Waiting for a dip makes sense.

May 30, 2026 · 14:49

Can’t really argue with the earnings momentum but man, everything’s so crowded right now it’s hard to figure what’s froth and what’s the real deal. I get the EV angle and the tailwind but squeezing out another 15 bucks from here feels like you need perfection every quarter. Not saying you’re wrong, just feels like a tightrope.

May 30, 2026 · 22:30

You’re not wrong, it’s tough to bet on more upside with a move like that already logged. The “face melter” earnings were legit, but I’m honestly worried about how much future perfection is baked in right now, especially since so much of the hypergrowth story hinges on EV adoption keeping up. If ON trips up even a little the unwind could be rough. I don’t hate the target, just not exactly buying the “straight up forever” momentum thesis at these levels.

Jun 2, 2026 · 23:15

Can’t deny that last quarter was bonkers, the numbers actually backed up the hype for once. Still, every time something rockets like this, the landing gets rougher if anything wobbles. I’m not calling top but at 116 you’re banking on no surprises and more electric vehicle mania. I get the momentum, just don’t want to be left holding the bag when the music stops.

Jun 3, 2026 · 14:21

Can’t argue with the momentum or that crazy earnings beat, but I still feel like when everyone’s staring at the same chart waiting for “just a bit more,” it gets risky fast. Love the EV story and power management, but these vertical moves rarely end quietly. Your target isn’t wild if they keep delivering, just hope nobody’s left holding the bag if sentiment turns.

Jun 5, 2026 · 14:57

Everyone wants to call top but ON is out here treating gravity like a rumor. That earnings “face melter” wasn’t just hype, the numbers actually walked the talk and now it’s a cult stock with real fundamentals, which is just dangerous for shorts. I get the vertigo watching this thing but until the EV/power hype train runs out of steam, I’m happy buying tickets.

Jun 3, 2026 · 14:34

I’ll give you the momentum and that last quarter was wild, but chasing a vertical chart like this gives me indigestion. Everyone’s staring at the same EV tailwind and power management story now, feels like the easy money’s way behind us. If they guide down even a hair, things could unwind quick. Not saying it can’t hit 132, just feels like a tightrope walk from here.

Jun 4, 2026 · 14:06

Not gonna lie, I keep staring at that chart and waiting for the air pocket. That last earnings call was wild and the EV hype is probably real, but when a stock becomes a “face melter” it’s also got a target on its back. Feels like a lot of people already in and everyone’s hoping for that one more squeeze up to 132. Wouldn’t be shocked if it stalls or chops for months first.