Qnity Electronics reports strong growth one year after DuPont split - Delawareonline.com

Qnity's post-spinoff growth is not a lighter-load narrative—it is a capital reallocation event. With R&D spend concentration jumping from a diluted ~15% to nearly 30%, the iteration cadence on EUV photoresists and high-k dielectric precursors accelerates measurably. For foundries locked into 6-to-9-month qualification windows at sub-2nm nodes, supplier agility has become a P&L variable, not a differentiator. The risk vector is sharper. Export-control scrutiny compresses Qnity's China revenue elasticity quarter over quarter, while Beijing's Big Fund Phase III has explicitly flagged photoresist and CMP slurries as priority domestic-substitution targets. I expect Shin-Etsu, JSR, and TOK to initiate China-market qualification runs within 12 months, racing to lock in design wins before Qnity's installed base erodes. Over the next 18 months, my read: Qnity executes bolt-on M&A in specialty chemicals to complete its materials portfolio, while simultaneously shifting capacity weight toward US and EU fabs to hedge geopolitical exposure. The de-globalization of semiconductor materials is no longer a talking point—it is showing up on balance sheets as stranded-asset write-downs and duplicate capex across competing supply chains.