Semiconductor Buybacks: Winners and Losers

ON Semiconductor’s 6 Billion Dollar Buyback

In today’s episode we are breaking down ON Semiconductor’s new 6 billion dollar share repurchase plan. The buyback will run from 2026 to 2028 and replaces the current program once it expires. The key takeaway for traders is simple: management is signalling confidence in long term cash generation and is prioritising shareholder returns through aggressive buybacks.

That kind of move does not just affect $ON. It reshapes how investors think about other chip names, especially around capital returns versus heavy spending. Here is a quick look at likely winners and losers.

WINNERS

Category 1 – Buyback and cash return chipmakers

Reason: When one major name commits to a huge multi-year buyback, it can pull investor attention toward other semiconductors that als ...