ON Semiconductor (ON) is up about 3% in today’s session, with the latest catalyst centered on a recent bullish turn from a major Wall Street firm: Bank of America upgraded the stock to Buy and set an $85 price target, pointing to an expanding AI power opportunity set and traction for its Treo product platform. That call has helped pull the name back onto momentum screens after a strong multi-week run in the broader semiconductor complex.

Traders are also leaning into the next near-term event risk: onsemi is scheduled to report first-quarter results after the close on Monday, May 4, 2026, followed by a conference call that evening. Options flow has been elevated in recent sessions, a setup that can amplify day-to-day moves as investors position for guidance commentary around AI-related power products, margins, and demand signals across industrial and automotive end markets.

The next leg for ON hinges on whether management can reinforce the AI-power narrative while showing stabilization in cyclical demand pockets. Key watch items on May 4 include management’s outlook for product mix and gross margin trajectory, plus any incremental detail on capital returns that could tighten supply of shares and support valuation during a semiconductor upcycle.