ON Semiconductor Corporation can provide further upside in 2023

NASDAQ:ON was in a strong correlation with SP:SPX in the last years. To be accurate, the correlation was so strong between 2002 to 2021. However, since the beginning of this year, this correlation is not working anymore. In this bear market, the company has been providing price support and testing new high levels.

From a fundamental point of view, US needs to secure more domestic capability for semiconductor production. So, this company can provide more upside in the next year based on this new developing trend.