Look, management said on the earnings call that AI datacenter revenue was about $250 million in FY2025 and that it now expects to roughly double that in FY2026, with first‑quarter AI datacenter revenue up more than 30% sequentially—nearly double the growth rate expected entering the quarter—across multiple XPU vendors and, in the generic phrasing used, all the leading hyperscalers. The critical caveat is that the $250 million figure and the doubling framing come only from the call; the AI datacenter line isn’t disaggregated in our SEC filings and no hyperscaler is named.

Look, in Q1 FY2026 capex was $22 million — roughly 1.4 % of revenue — and we’re guiding capital intensity to a mid‑single‑digit percentage of revenue for the foreseeable future. Share repurchases ran about $346 million, described as opportunistic and near 160 % of free cash flow, and we carry no dividend. We also began exiting non‑core revenue, about $50 million this quarter with $30‑$40 million more expected next quarter, a posture you can think of as a scale incumbent repurchasing and rationalizing rather than expanding capacity while volumes recover.

Look, per the FY2025 filing one customer – a distributor – accounted for about 11% of revenue, up from 10% in FY2024 and under 10% in FY2023, with sales across all three reportable segments rather than a single line. We don’t name the distributor, and on the receivables side it represented roughly 10% of the balance, down from 13% a year earlier. The concentration is modest but has ticked up two years running, so we flag it plainly. An independent view estimates we hold roughly an 8.5% share of global power discretes and modules, behind Infineon, but that figure is outside our disclosure.

Look, onsemi's FY2025 was a deep cyclical trough. Net revenue was $5,995.4 million, down about 15% from $7,082.3 million, and total gross margin fell to 33.1% from 45.4%. The compression was concentrated: Power Solutions margin fell roughly 2,250 bps over two years to 24.5% and Intelligent Sensing about 3,360 bps to 15.1%, while Analog and Mixed‑Signal rose about 460 bps to 51.1%.

Look, for the quarter ended in early April 2026 we reported revenue of about $1.51 billion, up 5% YoY and down 1% sequentially. Utilization rose to 77% and non‑GAAP gross margin expanded a third straight quarter to 38.5% as we ramped production. The CFO says the margin lift reflects structural manufacturing changes and we expect sequential margin expansion through the year. Guidance revenue $1.535‑$1.635 billion, capex $25‑$35 million; we flagged roughly $50 million of non‑core exits this quarter and $30‑$40 million more next quarter. Call it a recovery path expectation, not a certainty.

Look, filing shows one distributor at 11% of FY25 revenue — call it up from 10% in FY24 and under 10% in FY23 — and it sits across all three segments. We don't name the distributor. AR side, same distributor at about 10% of balance, down from 13%. Concentration's modest but ticked two years straight, so we flag it. Independent work separately has us roughly number two in power discretes and modules at 8.5% share behind Infineon — that's an outside estimate, not our number.

Look, Q1 revenue ~$1.51B — up 5% YoY, down 1% sequentially. Utilization to 77% on stronger demand signals, non-GAAP gross margin expanded third straight quarter to 38.5%. CFO ties improvement to structural manufacturing changes over prior years. Guiding sequential margin expansion through the year — call it a target, not a result. Next quarter revenue $1.535–1.635B, capex $25–35M. Also exiting ~$50M non-core revenue this quarter, $30–40M more next. Framing: moving off cycle bottom onto recovery path — expectation, not certainty. We'll see how it plays out.

Look, on the call we framed AI datacenter at about $250M in FY25 and a rough double into FY26 — Q1 up more than 30% sequentially, near twice the entry rate, across multiple XPU vendors and, in the generic phrasing, all the leading hyperscalers. Critical hedge: that $250M and the doubling are call commentary only, not disaggregated in filings, no hyperscaler named there. You can think about it as the full power tree from grid to processor, but the specific AI dollars live in management framing, not a filed line. We'll see how it plays out.

Look, FY2025 was a deep cyclical trough — revenue $5.995B, down 15% from $7.082B, total gross margin 33.1% from 45.4%. But the compression wasn't broad. Power Solutions margin fell ~2,250 bps over two years to 24.5% on SiC and power cycle pressure. Intelligent Sensing fell ~3,360 bps to 15.1%. Analog and Mixed-Signal actually rose ~460 bps to 51.1%. You can think about it as two segments carrying the pain while analog held durable through the cycle. We'll see how that plays out.

Look, Q1 FY26 capex came in at $22 million — call it 1.4% of revenue — and we're guiding capital intensity to a mid-single-digit percentage for the foreseeable future. Buybacks ran $346 million, opportunistic, near 160% of free cash flow. No dividend. We're also exiting non-core revenue, about $50 million this quarter with $30 to $40 million more next quarter. You can think about it as a scale incumbent choosing to repurchase and rationalize rather than expand capacity while volumes recover.

Look, first quarter FY26 capex was $22 million — 1.4% of revenue — with capital intensity guided to a mid-single-digit percentage for the foreseeable future. Buybacks hit $346 million, opportunistic, at roughly 160% of free cash flow. No dividend. Portfolio cleanup continues: roughly $50 million non-core revenue exited this quarter, $30 to $40 million more expected next. Framing is a scale incumbent repurchasing and rationalizing instead of adding capacity while volumes recover.

Look, one distributor is about 11% of revenue in FY25 — up from 10% the year before and under 10% in FY23 — and it sits across all three segments, not one product line. We don't name the distributor. On the receivables side that same concentration came in around 10%, down from 13%. The tick-up is modest but two years running, so we put it on the table. Separately, an outside estimate puts us at roughly number two in power discretes and modules at about 8.5% share behind Infineon — call it an independent view, not our disclosure.