Shares of intelligent sensing and power solutions company ON Semiconductor (NASDAQ: ON) soared 51.6% in the first six months of 2023. It's a stunning performance that significantly outperformed the S 500's 15.9% rise over the same time frame. The move comes down to the stock climbing a wall of worry over technology stocks, specifically the semiconductor sector. 

Going into the year, it was no secret that consumer discretionary spending was slowing. A combination of rising interest rates crimps consumers' ability and willingness to spend on items such as consumer electronics and smartphones.

At the same time, there's a natural correction in spending on consumer goods occurring after lockdowns and stay-at-home measures in previous years pulled forward spending on goods in the home. It all added up to create an uncertain environment for companies selling technology into the sector. 

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Source Fool.com