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ON Semi tanks 24% following Synaptics deal as CEO defends core business

ON Semiconductor shares fell nearly 24% following the announcement of an all-stock deal to buy Synaptics. The acquisition aims to move the company into the edge AI and wireless connectivity market. CEO Hassane El-Khoury defended the company's core business amid the stock plunge.

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What changed

The company announced its largest acquisition ever to expand into physical AI.

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  1. ON Semiconductor Stock Drops After $7 Billion Synaptics Acquisition

    ON Semiconductor shares fell nearly 24% following the announcement of an all-stock deal to buy Synaptics. The acquisition aims to move the company into the edge AI and wireless connectivity market. CEO Hassane El-Khoury defended the company's core business amid the stock plunge.

    What's confirmed:

    • ON Semiconductor is acquiring Synaptics in an all-stock deal valued at $7 billion.
    • The company's stock price dropped nearly 24% following the announcement.
    • The acquisition is intended to expand ON Semiconductor into the edge AI market.
    • CEO Hassane El-Khoury defended the company's core business.
    • The move into physical AI increases the company's addressable market by $30 billion.

    Still unconfirmed:

    • TD Cowen believes the deal adds complexity to an already complicated model.
    • Citi suggests the deal may help AI but requires more details.
    confidence 95%