ON Semiconductor shares surge 10.18% intraday after announcing collaboration with Innoscience to scale GaN power solutions.

ON Semiconductor surged 10.18% in intraday trading following the announcement of a strategic collaboration with Innoscience to accelerate the global rollout of gallium nitride (GaN) power devices. The partnership aims to address supply and cost barriers in low- to medium-voltage applications, positioning ON to capitalize on the projected 42% CAGR in the GaN power device market through 2030. This move aligns with broader semiconductor sector momentum, which has risen 6.3% over the past month amid AI-driven demand for analog and mixed-signal components. The collaboration, highlighted in multiple news reports, directly fueled investor optimism, with the stock’s intraday high reflecting confidence in expanded market opportunities and operational efficiency gains.