Shares of auto chip specialist On Semiconductor (NASDAQ: ON) plunged on Monday, falling 19.5% as of 12:44 p.m. ET.

The company reported earnings today, and while third-quarter figures came in ahead of analyst expectations, management guided for a soft fourth quarter that was well below estimates.

On has ridden the wave in power chips for electric vehicles (EVs) over the past two years, but it looks like that red-hot market is now cooling significantly.

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Source Fool.com