On July 30, Global Wealth Management reported that On Semiconductor rose 11.54% to $78.27, the largest single-day increase since 2022, with a total market value of $33.674 billion. Data showed that the company's Q2 adjusted earnings per share were $0.96, exceeding analysts' expectations of $0.92. Sales fell 17.1% YoY to $1.74 billion, but slightly exceeded the widely expected $1.73 billion. The adjusted gross margin was 45.2%, down from 47.4% in the same period last year, and the market expectation was 45.2%. The adjusted operating margin was 27.5%, higher than the expected 26.8%. In addition, Toshiya Hari, an analyst at Goldman Sachs, maintained a buy rating on ON Semiconductor and raised its target price from $89 to $95.