Power semis + silicon carbide (SiC) — power devices for auto, industrial, data-center
AI exposure 9% — derived from reported segment revenue, not asserted.
Silicon Layer → Analog, Logic & Mixed-Signal ICs · figures rebased to Q2 2026, reported 2026-08-03
onsemi makes no compute silicon at all — no GPU, no AI accelerator, no CPU — so it never belonged in a sub-tier defined as the chips that do AI's actual computing. Its whole portfolio is supporting silicon: power discretes and modules (SiC, MOSFET) at 47%, analog and mixed-signal ICs at 37%, and image sensors at 16%. Its core rivalries are NXP, TI, Infineon and STMicro, which is this sub-tier's membership. Placed by what it makes under rule 1; no revenue mix would have made the compute sub-tier correct.
onsemi ($1.604B Q2 2026, +9% YoY). PSG 51.7% ($829M, +19% YoY, +13% sequential — the growth engine on AI data-centre power) = primary B1 Analog, Logic & Mixed-Signal ICs; AMG 34.0% ($546M, -2%); ISG 14.3% ($229M, -3% sequential). Note the aggregate ranking has flipped since the FY2025 basis: power is now larger than analog-plus-sensing combined, where it was 47% against 53%. The placement does not move, because it rests on rule 1 — onsemi makes no compute silicon at any revenue share — rather than on which segment happens to be largest.
Moat. Silicon-carbide (SiC) power leadership + analog/power devices; vertical integration in SiC substrates. EV/industrial power franchise.
Bottleneck / pricing power. The SiC pricing-power claim no longer holds: Chinese OEM in-sourcing (BYD and affiliates) plus STMicro/Infineon 200mm ramps are compressing SiC ASPs, and onsemi's recovery to a 39.3% non-GAAP gross margin — a fourth consecutive quarter of expansion, with Q3 guided 40-42% — is coming from utilization and mix, not from price. Where pricing power does hold is design-win-locked analog and the new datacenter power content.
Role in the AI stack. The SiC/power-device supplier for electrification + data-center power.
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