ON Semiconductor shares surge 11.35% after-hours after announcing a GaN power device collaboration with Innoscience.

ON Semiconductor surged 11.35% in after-hours trading following the announcement of a strategic collaboration with GaN specialist Innoscience to accelerate the deployment of gallium nitride (GaN) power devices. The partnership, aimed at overcoming supply and cost barriers in low- to medium-voltage applications, positions the company to capitalize on growing demand in industrial, automotive, and AI-driven markets. This move aligns with industry projections of a 42% CAGR for GaN power devices through 2030, enhancing ON Semiconductor’s competitive positioning. The stock’s rally mirrors broader semiconductor sector strength, with the Semiconductor - Analog and Mixed industry up 6.3% over the past month. Analysts highlighted the collaboration’s potential to scale high-efficiency solutions, reinforcing investor confidence in ON’s ability to drive revenue growth and operational efficiency through this strategic partnership.