$ON

continuing on power semiconductors.. the most interesting line from ON Semi ($ON) earnings was all about AI racks. ON said AI data center revenue grew 30%+ QoQ, 2x its pre-quarter expectation. 2026 AI data center revenue is guided to double YoY off a ~$250M 2025 base. Lead times stretched from 23 to 26 weeks. Then CEO Hassane El-Khoury said "We are on allocation in certain technologies." Translation: ON is already rationing parts. AI racks are moving from 48V to high-voltage power distribution. That rebuilds the power tree inside the data center and shifts more dollars toward SiC and GaN. ON Semi put a number on it this quarter: "At the 120-kilowatt rack today, roughly $9,500 of content. At the 800-volt or high-voltage rack, roughly $115,000 of content." TL;DR: it can sell ~12x w