ON Semiconductor has surged over 75% since late March, now approaching its $111 all-time high amid a parabolic technical setup. I maintain a "Hold" rating: Valuation is fair on normalized earnings and PEG, but technicals suggest elevated near-term reversal risk. Q1 guidance targets $1.435–$1.535 billion in revenue and $0.56–$0.66 EPS; long-term goals include 10%–12% revenue CAGR and 53% gross margin.