This outperforming chip stock returned over 15% in the second quarter, beating its peers and the S&P 500.
The unassuming semiconductor chip may be a ubiquitous presence in our daily lives, but the outlook for the broader sector is far from rosy. In a sign of just how bearish the market has turned on the sector, the ProShares UltraShort Semiconductors ETF , an inverse exchange-traded fund that bets against the sector, has returned nearly 60% this year.
"Our leadership in the accelerating megatrends of vehicle electrification, ADAS [advanced driver assistance systems], energy infrastructure and factory automation have enabled us to extend long term supply agreements and increase demand visibility.," Hassane El-Khoury, ON Semiconductor's president and CEO, said in the company's earnings release . Read more This tech stock is up nearly 20% over the past year.
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