On June 5, ON Semiconductor fell 3.05% in pre-market trading, trading at $127.68/share, with trading volume of $731,000. The decline extends the sector-wide selloff that began the previous session.
The Philadelphia Semiconductor Index dropped over 4% on June 4, led by Broadcom's 15.61% plunge after its Q3 AI revenue guidance of $16 billion fell short of market expectations of $16.3 billion. The broad selloff dragged down the entire sector, with Micron Technology, AMD, and Marvell Technology all declining over 6%. In pre-market trading on June 5, selling pressure remains unresolved, with Micron down 2.81%, AMD down 2.62%, and Marvell down 2.69%.
ON Semiconductor had previously rallied significantly over two consecutive sessions after announcing an expanded role in NVIDIA's MGX ecosystem to provide advanced power solutions for next-generation AI data centers and 800V DC power architectures. Mizuho also raised its price target from $130 to $150, maintaining an Outperform rating. The current pullback represents a digestion of those prior gains amid broader sector pressure.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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