Key Highlights

  • NXP Semiconductors reported second-quarter 2026 Revenue of $3.5bn, up 19% year on year, with automotive revenue of $1,938m and Industrial & IoT revenue up 38% to $755m.
  • onsemi reported second-quarter revenue of $1,604m, up 9%, and said its AI data-centre Business is now its fastest-growing, expecting that revenue to more than double in 2026.
  • Monolithic Power Systems reported record second-quarter revenue of $980.6m, up 48%, with its Enterprise Data segment surging 164% to $380.6m, accounting for 39% of sales.

Electrification and artificial intelligence are, at heart, problems of moving and managing electricity, and that is where a distinct cluster of S&P 500 chipmakers earns its keep. NXP Semiconductors N.V. (NASDAQ:NXPI), onsemi (NASDAQ:ON) and Monolithic Power Systems, Inc. (NASDAQ:MPWR) rarely feature in headlines about AI accelerators, yet each supplies components that decide how power is converted, delivered and controlled, whether inside an electric car, a factory robot or the power tree of an AI server rack. Together they connect the index's semiconductor story to two structural themes: the electrification of mobility and the surging power demands of data centres. Their latest results show all three riding those trends, but from very different starting points.

NXP Semiconductors N.V. (NASDAQ:NXPI): The Automotive and Edge Anchor

NXP Semiconductors, a leader in automotive processors, microcontrollers and connectivity chips, reported second-quarter 2026 revenue of $3.5bn on 28 July, up 19% year on year and 10% sequentially. Automotive, its largest segment, contributed $1,938m (up 12%), while Industrial & IoT jumped 38% to $755m and communication infrastructure rose 41%. GAAP Earnings were $3.02 a share. Chief executive Rafael Sotomayor framed the opportunity as AI moving from cloud into the physical world of vehicles, factories and robots. Although incorporated in the Netherlands, NXP has been a member of the S&P 500 since 2021.

onsemi (NASDAQ:ON) and Monolithic Power Systems, Inc. (NASDAQ:MPWR): Power in Transition and in Overdrive

onsemi, a specialist in power semiconductors, silicon-carbide devices and imaging sensors, is further into a transition. For the second quarter of 2026, reported in early August, it posted revenue of $1,604m, up 9% year on year, with non-GAAP earnings of $0.74 a share and a non-GAAP gross Margin of 39.3%. The company said its AI data-centre business is now its fastest-growing, and it expects that revenue to more than double in 2026 as its intelligent-power products spread across the server power tree. In mobility it extended a role in Rivian's R2 platform, and it launched a gallium-nitride portfolio, GaNEXUS, aimed at data centres and robotics. Chief executive Hassane El-Khoury has been steering the group towards silicon carbide and higher-value power.

Monolithic Power Systems, which designs power-management integrated circuits, delivered the most dramatic figures. Second-quarter 2026 revenue, reported on 30 July, was a record $980.6m, up 48% year on year. The swing Factor was its Enterprise Data segment, essentially AI data-centre power, which surged 164% to $380.6m and accounted for 39% of sales. Automotive revenue rose a steadier 8% to $157.1m. Non-GAAP earnings reached $6.50 a share, and management guided third-quarter revenue to between $1.14bn and $1.16bn. Founder and chief executive Michael Hsing described a shift from a chip-only supplier to a full-service solutions provider.

How They Differ, and the Risks

The contrasts matter. NXP is the most automotive-exposed and therefore most sensitive to a still-soft global car market, even as its industrial and IoT lines accelerate. onsemi is mid-transformation, betting that AI-driven power Demand can offset weaker legacy automotive and industrial volumes and any oversupply in silicon carbide. Monolithic Power is the smallest but fastest-growing, and its rich valuation leaves little margin for error; its rapid data-centre gains also concentrate revenue among a handful of large customers. All three face cyclicality, pricing pressure and the risk that electric-vehicle demand grows more slowly than hoped, while export controls and tariffs cloud the outlook for sales into China.

The common test is whether power and mobility demand proves structural rather than a short cycle. Readers can watch the pace of AI data-centre power ramps, the recovery in automotive and industrial orders, silicon-carbide pricing, and customer concentration at Monolithic Power. Divergence among the three would suggest the electrification theme is maturing unevenly rather than lifting every supplier at once, a distinction that matters for how investors price each name.