Jim Cramer Explains What Changed His View of ON Semiconductor (ON)

What happened: Jim Cramer said on Mad Money that AI infrastructure demand and renegotiated Synaptics deal terms changed his view of ON Semiconductor (NASDAQ:ON), which he examined as a recovery opportunity after a turbulent summer. Key numbers: Q2 revenue rose 9% to about $1.60 billion, adjusted diluted EPS $0.74, free Why it matters: Cramer said the merger made sense but ON was paying too much, and the revised price gives it the same assets more reasonably. Management projected AI data center revenue would more than double in 2026 and outlined a $213 billion addressable market by 2030. Market: +1.8% by next close ($35.34 on Oct 12), -43.3% YTD

Jim Cramer said on Mad Money that AI infrastructure demand and renegotiated Synaptics deal terms changed his view of ON Semiconductor (NASDAQ:ON), which he examined as a recovery opportunity after a turbulent summer.

Cramer said the merger made sense but ON was paying too much, and the revised price gives it the same assets more reasonably. Management projected AI data center revenue would more than double in 2026 and outlined a $213 billion addressable market by 2030. Market: +1.8% by next close ($35.34 on Oct 12), -43.3% YTD