Onsemi forecasts upbeat revenue on surging AI data center chip demand

Chipmaker Onsemi on Monday forecast third-quarter revenue above Wall Street expectations, betting on surging demand for power management chips used in AI data centers.

Onsemi’s results come as it looks to its biggest deal yet, a $7 ‌billion all-stock ⁠acquisition ⁠of Synaptics announced in June, to tap into growing demand from AI devices and robotics.

Onsemi ​forecast its third-quarter revenue in the range of $1.65 billion to $1.75 billion, the midpoint of which ​is above analysts’ average estimate of $1.67 ⁠billion, according ‌to LSEG data.