Air Liquide (ADR)
AIQUFQ2 2023(AIQUF Q1 FY2023)Estimated0.5% AI
AI Revenue %
0.5%
AI Fair Value
$212.2M
AI Revenue (Q)
$37.5M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q1 2023 estimated total revenue ~€7.2B. Electronics segment ~€630M. Semiconductor industry in cyclical downturn — memory fabs cutting utilization, consumer chip demand weak. ChatGPT momentum building but AI chip demand had not yet translated into incremental gas consumption at fabs. NVIDIA H100 production was ramping at TSMC but total volumes were still small relative to overall fab gas consumption. Air Liquide's on-site supply contracts provide baseload volume regardless of utilization changes, limiting sensitivity to AI-specific demand shifts. No change. Math: €7.2B × 0.5% = ~€36M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Semiconductor industry downturn in H1 2023, with memory chip production cuts and reduced utilization at mature nodes
SEMI industry data, 2023
Air Liquide Electronics business resilient due to long-term take-or-pay gas supply contracts with major semiconductor manufacturers
Air Liquide management commentary, H1 2023
AI Products Identified (Ring 1)
Ultra-high purity gases for AI chip fab processesElectronic specialty gases for H100 production at TSMCOn-site gas generation for leading-edge fabs
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 gasesHealthcare gasesLarge Industries on-site gasIndustrial Merchant gasesEngineering & ConstructionElectronics gases for non-AI semiconductor production
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix