Chipmaker Onsemi beats quarterly estimates on AI-driven demand

Core Viewpoint - Onsemi exceeded Wall Street expectations for third-quarter revenue and profit, driven by increased demand for its chips in data centers due to an artificial intelligence boom [1] Company Summary - Onsemi reported better-than-expected financial results for the third quarter, indicating strong performance in the semiconductor market [1] - The company's growth is significantly attributed to the rising demand for chips used in data centers, which are essential for AI applications [1] Industry Summary - The artificial intelligence sector is experiencing a boom, leading to heightened demand for semiconductor components, particularly those utilized in data centers [1] - This trend suggests a positive outlook for companies like Onsemi that are positioned within the semiconductor industry, especially in relation to AI technologies [1]