I used to work for OnSemi, so take the following for what you will. On sells a variety of components -- some are completely commodity and are produced in super

I used to work for OnSemi, so take the following for what you will. On sells a variety of components -- some are completely commodity and are produced in super cheap fabs in Malaysia. Some are mid-tier and are (or were) made at fabs in Phoenix or Pocatello. And some are high-end and come out of the Gresham fabs that they bought when LSI went fabless. There's value in producing the commodity stuff. Obviously they're not going to enter a bidding war with TSMC for cutting edge manufacturing equipment to make commodity voltage regulators. But they still invest in fab technology at the lower end. I don't think ONN is particularly special in this space. They had plenty of competitors and they worked to distinguish themselves on cost, depth of their product catalog, and ability to execute.