Onsemi announced its earnings and third-quarter guidance on Monday. Driven by robust demand for power management chips from AI data centers, its median third-quarter revenue and adjusted earnings per share guidance surpassed analyst expectations. In the second quarter, the company demonstrated strong performance in revenue, adjusted earnings per share, operating income, and profit margins. Operating profit margins and free cash flow margins improved year-over-year, while days of inventory decreased. The company announced in June its $7 billion all-stock acquisition of Synaptics and in July sold two factories to reduce costs. Following the earnings release, the stock initially fell 1.5% in after-hours trading but subsequently rose 2.9% to close at $83.48. The CEO stated that the AI data center business is growing the fastest, with revenue expected to more than double by 2026.