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Episode 8: $ON is giving us an Onsemi
Manage episode 436475960 series 3595562
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In Episode 8 (recorded August 11, 2024), the Stock Jocks give their bull/bear treatment power semiconductor specialist Onsemi ($ON). Bull Gordon gets into a virtual “sword fight” with co-host George, who puts on his bear suit (very much unlike the one he dons in his basement on the weekends.) We of course also recap $SMCI earnings and implications for $NVDA. George would like us to advise listeners that this episode has some particularly “naughty” comments and is hopeful that his mother won’t listen (and give us 1 star!) You’ve been warned! Gordon would like everyone to know he thinks George is being a weenie. Compliments / complaints / nudes: StockJocksTips@gmail.com
Highlights:
(2:44) Obligatory take on the shifting sands of our Idiocracy / recent changes to political landscape for investors
(4:18) George pontificates on why recent market volatility is overdone; the Jocks debate the current state of the macro and the finer points of the “Sahm rule” for calling a recession
(10:49) $SMCI earnings (did anyone get the plates on the truck that hit those margins?) and implications for AI demand and $NVDA (on its road, per Bruce, to $10 trillion in market cap)
(18:44) Bruce floats a new income idea for unemployed Gordon: fraudulent invoices to the Mag 7! And why Gordon will never have $100 million dollars (hint: it’s a “naughty” reason!)
(19:58) George takes a brief victory lap on $SHOP (the topic of our last episode!)
(21:57) The Main Event: $ON is giving Gordon a semi! Company overview, and how Onsemi is like He-man (and Orko’s incomparable legacy as a “submissive”)
(32:25) Recent financial performance and outlook
(38:36) What might have been: May 2023 analyst day projections vs Street
(39:26) DA COMPS!
(42:05) George kicks off the bear case. A falling knife? Timing is everything. Host Bruce makes early deductions for style.
(49:29) George argues that cars (a key end market for Onsemi) is a market that is challenged by extending replacement cycles near-term and will be decimated by robotaxis in the long term.
(1:03:25) Stock Jocks “open their kimonos” and reveal their “real” opinions.
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