Air Liquide (ADR)
AIQUFQ2 2022(AIQUF Q1 FY2022)Estimated0.5% AI
AI Revenue %
0.5%
AI Fair Value
$190.0M
AI Revenue (Q)
$37.5M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Knowledge-based analysis (French company, no SEC filings). Air Liquide reports an Electronics business line within Gas & Services. Q1 2022 estimated total revenue ~€6.9B. Electronics segment ~€600M (~9% of total), serving semiconductor fabs with ultra-high purity gases (nitrogen, argon, hydrogen, specialty/electronic gases), on-site gas generation, and advanced materials. The Electronics segment serves ALL semiconductor manufacturing — foundry, memory, analog, power. AI chip production (NVIDIA A100 at TSMC N7/N5) was a small fraction of total fab gas consumption in early 2022. Leading-edge nodes (sub-7nm) use ~30-50% more specialty gas per wafer vs mature nodes, but AI chips were a small share of leading-edge production (~10-15% of TSMC advanced node starts). Conservative estimate: Electronics segment (~9% of revenue) × ~6% of that segment attributable to AI chip demand = ~0.5% of total revenue. Math: €6.9B × 0.5% = ~€35M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Air Liquide Electronics business line revenue approximately €2.4B for full year 2021, growing ~10% driven by semiconductor capacity expansions
Air Liquide FY2021 Annual Results presentation
Air Liquide supplies ultra-high purity gases and on-site gas generation to major semiconductor fabs including TSMC, Samsung, and Intel
Air Liquide Electronics business overview
AI Products Identified (Ring 1)
Ultra-high purity nitrogen for AI chip fab cleanroomsElectronic specialty gases (ESGs) for advanced node deposition/etchOn-site hydrogen generation for AI chip fabsBulk argon for advanced node sputtering processes
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Bulk industrial gases (non-semiconductor)Healthcare gases and services (~€4B/yr)Large Industries on-site gas (chemicals, refining, metals)Industrial Merchant gasesEngineering & Construction segmentElectronics gases for mature node/non-AI semiconductor production
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix