<div id="readability-page-1">Chip stock ON Semiconductor Corp (NASDAQ:ON) is on the rise today, last seen up 4.2% at $47.46, after the company announced a $6 billion share buyback plan. Set to begin in 2026, the plan will run for three years, replacing the current $3 billion program expiring at the end of December. This year, the board allocated all of its free cash flow to share repurchases. Today's pop has ON on track to snap a four-day losing streak, jumping off familiar support at the $45 region. Still, shares are still down 24.6% since the start of the year and recently dropped below all daily moving averages between the 10- and 320-day trendlines. Option bulls are blasting ON after the news, with 16,000 calls exchanged so far -- 10 times the volume typically seen at this point -- in comparison to 658 puts. The November 50 call accounts for most of this volume, with new positions being opened there as well. ON's &#34;oversold&#34; condition could work in the bulls' favor, per the stock's 14-day relative strength index (RSI) of 27. An unwinding of short interest could also give the shares a boost, with 9.1% of the equity's float sold short. At its average trading pace, it would take shorts over four days to buy back their bearish bets. </div>

ON Semiconductor Corp (NASDAQ:ON) announced a $6 billion share buyback plan starting in 2026, replacing the current $3 billion program. The stock rose 4.2% to $47.46, snapping a four-day losing streak. Option trading surged with 16,000 calls exchanged. Despite the rise, shares are down 24.6% year-to-date. The stock's 14-day RSI of 27 indicates an "oversold" condition, potentially favoring bulls.

Semiconductor Stock Jumps on $6 Billion Buyback Plan