When Brownstone Research’s Near Future Report pitches its “Elon Musk’s NEW AI Masterplan” with three “secret” stocks that could “unleash enough wealth to make every household in America $2.38 million,” the applications pick is onsemi, a power chip leader. That naturally raises the question readers ask about any hot semiconductor name: who are the peers, and how do they compare?

The closest European rival is Infineon Technologies (IFNNY), a German power semiconductor giant that competes directly with onsemi in automotive and industrial silicon. Here is how the two stack up, and what the comparison says about the pitch itself.

Infineon at a Glance

Infineon is one of the world’s largest power semiconductor companies, headquartered in Germany. It has long been a leader in automotive power chips, with deep exposure to electric vehicles, and it plays a major role in industrial power management. Its silicon shows up in inverters, onboard chargers, and motor drives across the industry.

What makes Infineon a useful reference point is its breadth. It is a diversified power and sensor company that spans automotive, industrial, and connected-security markets, which gives it a steadier profile than a more narrowly focused rival.

Infineon Versus onsemi

The two companies compete head to head in power management, but they are not mirrors. onsemi is the second-largest power chipmaker in the world and one of the biggest suppliers of image sensors to the automotive market, a franchise built on cameras and sensing. Infineon, by contrast, is strongest in automotive power electronics and mixed-signal chips, with a smaller presence in the CMOS image sensor space that onsemi leads.

That difference matters for the Masterplan thesis. The pitch leans on onsemi’s image sensor moat and its existing Tesla relationship, arguing that the same technology will carry into Tesla’s Optimus robot. Infineon is a credible power chip supplier to the same theme, but it does not have the same camera-centric story.

The Automotive and Robot Overlap

Both companies benefit from the electrification of vehicles, because every EV carries far more power silicon than a gasoline car. The robot angle is the newer part. The pitch argues that power chips are what let a robot “move efficiently, stay cool, and run longer without needing to stop and recharge as often,” and that is a real mechanism regardless of which supplier ultimately wins the sockets.

The honest caveat is that the robot market is still years away from volume, so today both Infineon and onsemi are really automotive and industrial power businesses with a future option on robotics. Our physical AI explainer walks through that theme in more detail.

The Fine Print Worth Reading

The pitch’s marquee numbers deserve scrutiny, because they tell you how much of the ad is marketing. The claim that a chip-equipment maker could be “on the receiving end of up to $500 billion in 2027 alone” is aimed at ASML, not onsemi, and it does not survive contact with reality, since ASML’s annual revenue is only about $30 billion. The “39 hedge funds are investing” line is filler, not a signal.

For onsemi specifically, the honest read is a quality franchise trading at about 18 times forward earnings with a roughly $28 billion market cap, and a tease price of $71.67 that simply matches the current price. That is the frame to use when you line the name up against Infineon and decide which power semiconductor franchise, if either, earns a spot in your portfolio. Our teardown of the sibling Elon Musk’s 10X Project promo covers a similar structure from the same publisher if you want the wider pattern.

Infineon’s edge is scale in automotive power. It has been a go-to supplier for the power stage of electric drivetrains for years, and its silicon carbide and insulated-gate bipolar transistor chips show up in inverters across most major automakers. That gives it a similarly deep relationship with the car industry that onsemi enjoys in sensing, just expressed in a different layer of the vehicle. When you line the two up, you are really comparing a power-first company with a sensor-first company that also does power.

The broader point is that a rising tide lifts both boats, and this pitch is a rising-tide story. If electric vehicles and robots really do expand demand for power silicon over the next decade, both onsemi and Infineon stand to gain, along with the rest of the power semiconductor field. That is why the peer comparison matters less than the theme itself, and why the honest takeaway is to study the whole layer rather than chase whichever single name a promotion happens to highlight.

For Infineon specifically, the comparison to onsemi’s valuation is a useful check. onsemi trades at about 18 times forward earnings, and Infineon sits in a similar forward multiple range as a mature power leader, though the exact number shifts with the European automotive cycle. Neither is priced as if the robot boom has already arrived, which is reassuring. It means the market is treating both as what they are today, automotive and industrial power franchises, with the robot upside left as a free option.

Ready to see the research? Click here to view the Elon Musk’s AI Masterplan presentation.

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