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On Semiconductor has agreed to acquire Synaptics in a $7 billion deal, the company's most explicit bet yet on the physical AI market.
The transaction adds $30 billion to On Semiconductor's total addressable market, lifting the combined figure to $243 billion by 2030.
The TAM Arithmetic That $243 billion figure is the number investors will immediately stress-test.
On Semiconductor is attributing a $30 billion increment directly to the Synaptics acquisition — a meaningful expansion of the growth ceiling the company is presenting to the market.
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