Texas Instruments, ON Semiconductor see bullish views at Citi - MSN

Bank of America Merrill Lynch raised price targets for Texas Instruments (TXN) and ON Semiconductor (ON), reflecting bullish sentiment on their prospects in the semiconductor industry. The firm highli... Read original →

The rapid adoption of 800V DC architecture is triggering a full-stack technological overhaul—from power management ICs to high-voltage connectors. Texas Instruments is positioned to capture early gains in H2 2026 as data centers migrate to ±400V HVDC, leveraging its highly integrated analog portfolio. ON Semiconductor, meanwhile, is capitalizing on SiC momentum to penetrate server PSU and onboard charger markets. NVIDIA’s Rubin Ultra ramp in late 2027 will force interconnect leaders like Amphenol to pre-certify low-loss, high-voltage interfaces—or risk exclusion from AI infrastructure supply chains. While current U.S. export controls haven’t yet restricted SiC substrates, escalating tech decoupling could expose reliance on Taiwan, China-based CSP packaging as a supply chain vulnerability. Over the next 18 months, the industry will undergo brutal consolidation: firms lacking vertical integration will be sidelined, while those locked in with hyperscalers will dictate pricing for >1 MW SST deployments starting in 2029.