Here's our price target and rating on Qnity, our newest stock to ride the AI chip boom

Call us believers in the Qnity Electronics story. We're instituting a buy-equivalent 1 rating and price target of $110 a share on the newly public DuPont spin-off — betting there's plenty of upside ahead thanks to Qnity's exposure to secular trends such as artificial intelligence and high-performance computing. Qnity is a key supplier of chemicals and materials used in semiconductor and electronics manufacturing. The more chips and electronic devices that get built, the more demand there is for Qnity's products. Executives made that clear once again Thursday night when they hosted, essentially, an earnings call "lite." With DuPont reporting third-quarter results before the opening bell Thursday, investors had already seen Qnity's numbers for the July-to-September period. The call on Thursd