Onsemi Sees Share Price Surge

Investing.com — Shares of Onsemi, the chip manufacturer, saw an impressive intraday rise of as much as 6.2% on Tuesday after the company and Denso announced plans to bolster their longstanding partnership.

The enhanced collaboration between Onsemi and the automotive parts manufacturer aims to support the procurement of technologies for autonomous driving and driver assistance.

As part of this collaboration, Denso has declared its intention to acquire an undisclosed quantity of Onsemi shares on the open market.

Onsemi's share price surge made it one of the biggest percentage gainers on the S&P 500 Index on Tuesday. This boost is the largest since August 15. However, it's noteworthy that, as of the last close, the stock had experienced a 20% fall this year.

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