Pre-market trend | ON Semiconductor (ON) surged over 11% on May 13 with increased volume, reigniting the AI chip market?

Yesterday, ON Semiconductor's stock price surged 11.14% to $115.71 at the close, reaching a high of $115.99 during the trading session, almost closing at the day's peak, with bullish momentum clearly evident. The opening price of $108.90 was already above the previous day's closing price of $104.11, and after a gap up, it continued to strengthen. The MACD daily line confirmed a bullish signal above the zero axis, indicating that buying power is systematically increasing, and the signal for the initiation of a phase of upward trend is quite clear. The trading volume reached $2.46 billion, with over 21.29 million shares traded, showing significant inflow of funds. On the news front, Bank of America Securities' latest research report reiterated a strong bullish outlook on AI chip stocks, raising the 2030 market size forecast for AI data center systems from $1.4 trillion to $1.7 trillion, with Nvidia, AMD, and others listed as top picks, providing strong support for the entire semiconductor sector. As a leader in power semiconductors and sensors, ON Semiconductor has a deep layout in electric vehicles, industrial automation, and data center power management, and the acceleration of AI infrastructure construction directly benefits its core product lines. On the same day, the 3x long semiconductor ETF (SOXL) surged 6.79%, and the Philadelphia Semiconductor Index strengthened overall, with significant sector linkage effects. Additionally, Micron Technology had its target price raised to $950 by Bank of America, with expectations for the semiconductor industry chain's prosperity continuing to heat up