800V power – As AI data centers and EVs strain legacy 48-volt power systems, the move to 800-volt architecture is reshaping what matters in semiconductors. Texas Instruments and onsemi sit at the center of that transition—supported by buybacks, deal momentum, and fresh pri
At 9:52 AM Eastern, Texas Instruments was trading at $303.26, down $4.86 (-1.58%), while onsemi sat at $127.56, down $1.08 (-0.84%). Behind those stock prints is a quieter kind of urgency—one driven not by code, but by electricity.
AI data center racks pushing past 100 kilowatts of power density are forcing a change in how power is distributed. The familiar legacy 48-volt approach is running into a thermal wall. and engineers are being pushed toward a non-negotiable architectural shift to 800-volt platforms. In that jump. analog power management integrated circuits (PMICs) stop being background components and start becoming critical bottlenecks in the power chain.
The physics are brutal in their simplicity. Power loss as heat is proportional to the square of current (I²R). When voltage doubles from 400V to 800V, current drops by half, and energy losses fall by 75%. That isn’t an academic advantage—it changes the economics and design constraints. enabling thinner. lighter copper wiring and dramatically less waste heat.
For investors, that’s why the spotlight has moved toward companies positioned to manage the high-voltage reality coming to data centers and electric vehicles.
Texas Instruments is already treating 800V power as a system-level requirement, not a peripheral feature. The report points to Texas Instruments’ work alongside NVIDIA on a complete 800V DC power framework. framed as proof that next-gen logic cannot scale without a matching leap in power delivery. The described benefit is a more direct. efficient power-conversion path from the 800V source to the processor—reducing the number of failure points and costly conversion stages.
The stock’s numbers come with the story, too: Texas Instruments is shown with a dividend yield of 1.87%, a P/E ratio of 51.93, and a stated price target of $265.57. It also lists a 52-week range of $152.73▼ to $331.51.
onsemi’s pitch runs in parallel: it’s aiming directly at power-management demand “at the point-of-load.” The report highlights its acquisition of Aura Semiconductor’s power IP as a move to target the high-margin data center market. It also points to onsemi’s silicon carbide (SiC) technology being treated as a “gold standard” for high-efficiency EV platforms.
At the 2026 Beijing Auto Show, the report says onsemi’s SiC solutions were featured in an estimated 55% of new EV models. It names next-generation 900V platforms from Geely OTCMKTS: GELYY and NIO NYSE: NIO as part of that display, positioning onsemi as a key enabler of vehicle electrification.
onsemi’s own trading snapshot and targets are also included: $127.56 at 9:52 AM Eastern, with a 52-week range of $44.56▼ to $130.87, a P/E ratio of 90.47, and a price target of $92.00.
But the market narrative here isn’t only about chips. It’s about capital discipline—how companies fund conviction when the industry is in motion.
onsemi, in particular, is described as signaling confidence through aggressive shareholder returns. The board is actively executing a massive $6 billion share repurchase program. authorized in late 2025. with the mandate to retire nearly a third of its outstanding shares. The report treats that as more than financial engineering: leadership is described as acting as though the stock price is fundamentally undervalued.
To fund that buyback without throttling investment, onsemi recently announced a $1.3 billion convertible senior notes offering. The stated purpose is to provide immediate strategic capital for the buyback while protecting the R&D budget for critical technologies. including its Treo platform. The report adds one more catalyst: Treo saw staggering 2.5x sequential growth in Q1 2026.
Texas Instruments, portrayed as more mature and diversified, is framed as showing operational resilience. During its Q1 2026 earnings call, management acknowledged some near-term choppiness in the Chinese automotive sector. Yet the report says this weakness is entirely offset by growth in Texas Instruments’ Data Center and Industrial segments.
Short interest is included as another barometer of market temperature. The report cites exceptionally low short interest for Texas Instruments of 1.72%. saying bears have largely given up betting against the diversified powerhouse. For onsemi, the number is far more heated: short interest is 7.47%, representing over 29 million shares sold short.
That difference matters because the report also places a potential operational inflection on the table. It says management is confirming that the period of inventory digestion in its legacy automotive business is “largely behind us.” Combine that with a high short float. a massive corporate buyback. and an operational inflection—and the report describes classic conditions for a potential short squeeze. where a rush of short covering could fuel upside volatility.
As the story moves from power systems to Wall Street. fresh price targets are presented as the market’s response to this setup. The report says Bank of America recently raised its price targets for both companies: onsemi’s target to $138. citing underappreciated content gains in AI data centers. and Texas Instruments’ target to $370. forecasting that Texas Instruments’ data center business alone could reach $4.5 billion by 2028—accounting for up to 18% of total sales.
The underlying argument across the whole piece is direct: for every dollar spent on a high-powered AI logic chip. an increasing share must be allocated to the sophisticated analog technology needed to power it efficiently and reliably. The report ties those shifts to two long-term tailwinds—AI and vehicle electrification—and frames the 800V transition as early in a larger “supercycle.”.
Still, the risks are not treated as side quests. The report warns that the semiconductor industry is historically cyclical and that both companies face intense competition. It also points to geopolitical risks tied to global supply chains. And it cautions that a broader economic downturn could temper demand in their key industrial and automotive markets.
Even timing is folded into the caution. With the reported year-to-date performance—Texas Instruments up 80% and onsemi up 130%—the report notes some investors may prefer to wait for a broader market pullback before initiating a position. For others. it suggests adding both to a watchlist to monitor entry points. with the 800V supercycle described as being in its early innings.
The buzz in the background is that the “biggest bottleneck” may not be the AI chip itself. It may be the voltage it’s built to live on—and the analog management technology that keeps that electricity from turning into heat, failure points, or wasted conversion stages.
800V PMIC analog power management integrated circuits Texas Instruments TXN onsemi ON NVIDIA data centers EVs SiC Treo platform share repurchase convertible senior notes short interest