A pullback looms in this chipmaker after it doubled. Trading the potential decline with options

On Semiconductor has turned into one of the market's hottest recovery stories, but the stock may now be running well ahead of its fundamentals. The stock has nearly doubled from the low $50s to $100 in just a few months as investors rushed back into anything tied to EV and AI data-center power. The problem is that EV demand has become far more uneven, price-sensitive and policy-driven, while ON's core automotive business is still operating declining growth and weak margins. …