Semiconductor Stocks Surge: ON Semi and Nvidia Reach New Highs.

ON Semiconductor's shares rose 7% after the chipmaker's quarterly guidance beat Wall Street's expectations, lifting other chip stocks including heavyweight Nvidia, which hit its highest level in over a year. While the mid-point of ON Semiconductor's guidance for quarterly revenue implies a 3% dip from the year-ago quarter, it exceeded analyst expectations for a 7% drop. The Philadelphia Semiconductor index climbed 0.7%, outperforming the Nasdaq's 0.1% rise. Investors will look for additional readings on the health of the chip industry with more players set to report this week.