Shares of chip company On Semiconducter rose Monday after it beat analysts' earnings expectations for both earnings and revenue in its second fiscal quarter. It also said it now expects sales to artificial intelligence data centers to more than double this year.

The chip maker reported $1.604 billion in revenue and earnings of 74 cents a share. Analysts polled by FactSet were expecting revenue of $1.589 billion and adjusted earnings of 71 cents a share.

The stock rose in after hours trading by more than 6% to $85.92. As of today's market close, shares were up 50% for the year. They had more than doubled through late June before shares sank when the company said it was buying internet-of-things company Synaptics for around $7 billion.

Onsemi's core business is in power management and image sensing for the auto and industrial industries, with sales to car companies accounting for more than half of total revenue.

But sales of their power semiconductors and integrated circuits to manage electricity flow to artificial intelligence chips in data centers have taken off recently. They brought in $250 million in revenue last year and are expected to double in 2026, to about 8% of the total $6.5 billion in overall revenue analysts are expecting Onsemi to generate this year.

"AI data center remains our fastest-growing business, and we now expect revenue to more than double in 2026, demonstrating the strength of our intelligent power portfolio and growing customer adoption across the power tree," onsemi's CEO Hassane El-Khoury said.

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