Air Liquide (ADR)

Q1 2024 estimated total revenue ~€6.7B. Electronics segment ~€650M. AI chip demand now a dominant theme in semiconductor industry. TSMC advanced node capacity expanding with new fabs in Arizona, Japan, and continued expansion in Taiwan — all requiring massive on-site gas infrastructure. NVIDIA Blackwell announced. HBM3E in volume production. Air Liquide is a major supplier to TSMC fabs and benefits from new fab construction (long-term on-site gas supply contracts signed years in advance). The incremental gas demand attributable to AI chip production is growing as: (1) more fab capacity is being built specifically for AI chips, (2) advanced nodes consume more gas per wafer, (3) AI chips are becoming a larger share of leading-edge wafer starts. Conservative increase to 1.0%. Math: €6.7B × 1.0% = ~€67M estimated AI revenue.