Semiconductors

The AI buildout broadened from the flagship names into the rest of the group this quarter, lifting the industry's average sentiment score from 7.18 to 7.91. Ten companies moved higher against four that eased, and the biggest gains came from laggards catching the cycle rather than leaders extending it. ON Semiconductor jumped from 2 to 6 on its first year-over-year revenue growth in seven quarters — Q1 revenue of $1.51 billion, up 5%, with AI data center revenue growing more than 30% quarter-over-quarter and now expected to double in 2026. Qnity Electronics climbed from 7 to 10 on a record quarter: net sales of $1.3 billion, up 18% year-over-year, adjusted EPS up 33% to $1.08, and full-year guidance raised across all metrics, with Advanced Packaging, Thermal Management and AI PCBs collectively growing more than 50% year-over-year.