US Onshoring Stocks Riding Demand for Chips Power and Domestic Manufacturing
With tariffs staying high and trade rules shifting, global supply chains have become harder to predict, and capital is hesitating to cross borders. That uncertainty is pushing more attention toward companies that can produce closer to home. For investors, the risk is missing businesses that might benefit from this tilt toward domestic production. This article unpacks the backdrop and then zooms in on 3 stocks exposed to these trends.
The three stocks below are just a starting sample, and the full screen surfaced 43 more companies with equally compelling onshoring and domestic production narratives that are not covered in this article. To identify and analyze potential high conviction ideas that fit your own risk tolerance and portfolio goals, go straight to the US Onshoring and Domestic Manufacturing Beneficiaries screener.
ON Semiconductor (ON)
Overview: ON Semiconductor is a US-based chip company that focuses on power and sensing semiconductors used in electric vehicles, industrial automation, AI data centers, and infrastructure, which makes it a natural fit for investors looking at onshoring and domestic manufacturing themes. Its portfolio spans power conversion, analog and mixed-signal devices, and image and depth sensors that help customers build more efficient and reliable hardware closer to end markets.
Operations: ON Semiconductor generates most of its revenue from the Power Solutions Group at about US$3.0b, followed by the Analog & Mixed-Signal Group at about US$2.2b and the Intelligent Sensing Group at about US$900 million, supported by diversified sales across Hong Kong, Singapore, the US, the UK, and other regions.
Market Cap: US$28.96b
Investors looking at US onshoring themes may find ON Semiconductor interesting because it couples substantial US manufacturing and packaging capacity with chips that are central to EVs, AI data centers, and power hungry industrial projects. The company offers exposure to higher margin silicon carbide and AI power products, while also trading at a more moderate valuation than some high growth peers and running an active buyback that affects per share metrics. At the same time, it is exposed to cyclical auto and industrial demand, faces competition in EV and image sensing, and recently reported a sizeable one off loss that affects near term earnings quality. That mix of domestic exposure, growth projects, and identifiable risks is why ON Semiconductor may warrant a closer look for some investors.
ON Semiconductor’s mix of EV, AI power and industrial chips can look like a simple growth story, but the real twist sits in the 2 key rewards and 2 important warning signs that could change how you view its onshoring upside.
Kulicke and Soffa Industries (KLIC)
Overview: Kulicke and Soffa Industries supplies the semiconductor industry with the assembly equipment and consumables that sit between wafer fabrication and finished chips, including ball and wedge bonding tools, advanced packaging and thermocompression systems, and aftermarket spares and services. It provides the hardware and support that chipmakers and outsourced assembly providers need to ramp complex packages for AI, memory, automotive and other end markets, which links it to US onshoring as domestic fabs and packaging plants invest in more assembly capacity.
Operations: Kulicke and Soffa Industries generates most of its revenue from Ball Bonding Equipment at about US$587.6 million, followed by Aftermarket Products & Services at about US$171.1 million, Advanced Solutions at about US$87.2 million, Wedge Bonding Equipment at about US$80.0 million, and All Others at about US$24.3 million.
Market Cap: US$4.3b
Investors looking at US onshoring themes may want to look at Kulicke and Soffa Industries because it sells the assembly tools that domestic fabs and packaging houses need for AI data centers, high bandwidth memory and advanced automotive chips. The company is focusing on higher value areas such as fluxless thermocompression, vertical wire and advanced dispense. These areas are linked to current qualification efforts and early HBM shipments and may influence future earnings power depending on how adoption evolves. At the same time, order timing can be uneven, utilization at chip customers is an important swing factor and tariff uncertainty can make those customers cautious about new capacity. That mix of onshoring exposure, advanced packaging focus and cycle sensitivity is why Kulicke and Soffa Industries may warrant further research by interested investors.
Kulicke and Soffa Industries is tied to the AI and advanced packaging build out, yet order cycles and tariffs can still surprise investors. Read the full 4 key rewards and 2 important warning signs (1 is major!) to see what could shift how you view its next phase.
Array Technologies (ARRY)
Overview: Array Technologies is a US-based manufacturer of utility-scale solar tracking systems that help large solar farms tilt and follow the sun to improve energy output. Its product suite, including DuraTrack single axis trackers and software such as SmarTrack and SkyLink, is used across the US and internationally and ties directly into the buildout of onshore, domestically produced energy infrastructure.
Operations: Array Technologies generates most of its revenue from Array Legacy Operations at about US$1.1b, with STI Operations contributing about US$82 million.
Market Cap: US$708 million
Array Technologies may appeal to investors who want exposure to utility-scale solar that is anchored in US manufacturing and onshore supply chains. The company is rolling out higher value trackers and software while broadening into foundation solutions such as the new ARRAY Atlas suite, which can help projects cope with tougher sites and permitting constraints. At the same time, it remains loss making, Q2 2026 earnings were down year on year, and management highlights that tariff and policy uncertainty can delay projects and pressure margins even when cost pass through is available. The stock trades at a low P/S multiple relative to peers. Investors who believe domestic solar demand and Array’s product mix can offset those risks may want to look more closely at the details behind that setup rather than relying only on the headline numbers.
Array Technologies has a US anchored solar story that some investors may be overlooking. The mix of trackers, software and new foundation solutions raises bigger questions around earnings power, policy risk and the analysis report for Array Technologies
Seeking Fresh Alternatives Beyond These Three
Some of the most interesting stories often move first. Look for fresh breakouts and quietly building momentum while information is still under the radar for now. Consider your options carefully.
- Spot companies building quiet momentum in AI infrastructure before they start to move more widely by screening for curated 55 AI infrastructure stocks that could reshape how data and computing power connect.
- Focus on resilience while others chase headlines by reviewing a hand picked 80 resilient stocks with low risk scores that may help keep your portfolio steadier when sentiment changes.
- Track early moves in the next wave of nuclear build out by scanning a focused set of 91 nuclear energy infrastructure stocks positioned around critical energy infrastructure.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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