Power semiconductor stocks are pushing higher in Monday trading, with Wolfspeed (NYSE:WOLF | WOLF Price Prediction) up 5.74% to $33.61, STMicroelectronics (NYSE:STM) up 4.17% to $56.56, and ON Semiconductor (NASDAQ:ON) up 2.96% to $85.11. The move follows a weekend Mizuho research note flagging a stronger and faster NVIDIA Vera Rubin ramp than the market had been positioned for.
Vera Rubin Ramp Signals Reset the Power Semi Setup
Mizuho, in a note published Sunday, August 16, 2026, told clients to expect strong VR200 NVL72 ramps in 2027, ramping in Q4 2026 led by xAI and Meta, with NVIDIA potentially pushing the four-die transition out to Feynman and running VR-Ultra on a two-die configuration. The firm also flagged 2027 CoWoS growing more than 75% with NVIDIA and Broadcom and cloud service provider RPO/backlog now at $2.3 trillion, up 3.5x year over year.
Mizuho’s named upside list covers Dell, Credo, NVIDIA, Broadcom and Lumentum, while the three power names moving here benefit indirectly. The connection is a read-through: Vera Rubin materially raises power management content per rack, so a bigger, on-schedule VR200 ramp means more power semiconductor content shipped across the rack, alongside more GPUs. Just as important, weeks of chatter about a Vera Rubin delay had weighed on the group. A supply chain check pointing to xAI and Meta anchoring a Q4 2026 ramp removes that overhang, and the removal is itself the catalyst.
Content Per Rack Is the Story
ON Semiconductor has been the loudest voice on this. Management said content per rack goes from $15,000 per rack today toward $115,000 per rack under 800V DC architecture, with AI data center revenue expected to more than double in 2026 and silicon carbide in data center applications projected to grow nearly 60% year-over-year. CEO Hassane El-Khoury framed the company as “the only broad-based U.S. power semiconductor supplier with technologies spanning the full AI power tree.”
STMicroelectronics raised its data center ambition to above $1 billion in 2026 and well above $2 billion in 2027, with CEO Jean-Marc Chery citing accelerating adoption of 800 gigabit and 1.6 terabit per second pluggable optics. Wolfspeed reported ~30% sequential growth in AI applications in fiscal Q3 and launched its first commercially available 10 kilovolt silicon carbide power MOSFET for high-voltage data center power delivery.
Longer-period context supports the setup. STM is up 110.14% year to date, ON is up 52.65%, and Wolfspeed is up 82.6%, though all three had drifted lower over the past month before Monday’s rally.
13F Backdrop Filed Friday
Position disclosures as of June 30, 2026 and filed August 14, 2026 add background color rather than a direct catalyst.
In Wolfspeed, Two Sigma added to 2,272,968 shares valued $109,670,706, Millennium added to 1,012,371 shares valued $48,846,901, and Renaissance Technologies opened a new position of 498,900 shares valued $24,071,925.
In ON, Point72 opened a new position of 1,606,182 shares valued $151,848,446 and Balyasny added to 1,517,790 shares valued $143,491,867.
In STM, Situational Awareness disclosed 7,802,700 shares valued $584,344,203. These are point-in-time snapshots as of the reporting date and may differ from current positions. For example, Situational Awareness had to sell their book as a block trade to Citadel since the latest quarter ended.
What to Watch
The next hard checkpoint is ON Semiconductor’s Analyst Day on September 16, 2026 in New York, where management is expected to detail the AI power tree strategy. Investors will also parse NVIDIA’s next quarterly update for confirmation of the Q4 2026 VR200 ramp trajectory Mizuho described. Any wobble in that schedule would test today’s rerating in the group.
Contact [email protected] for any questions or corrections.
Top Gaining Stocks
Top Losing Stocks