Air Liquide (ADR)
AIQUFQ3 2022(AIQUF Q2 FY2022)Estimated0.5% AI
AI Revenue %
0.5%
AI Fair Value
$195.3M
AI Revenue (Q)
$37.5M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q2 2022 estimated total revenue ~€7.4B (seasonally stronger, also benefiting from energy pass-through pricing). Electronics segment ~€650M (~9%). Semiconductor industry operating near peak utilization in H1 2022 but AI-specific chip production remained a small fraction. NVIDIA A100 production at TSMC was steady but not yet the explosive ramp that came later. No change in AI exposure estimate. Math: €7.4B × 0.5% = ~€37M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Air Liquide H1 2022 group revenue €14.3B, up 30% (including significant energy pass-through effects)
Air Liquide H1 2022 Results
Electronics revenue grew double-digits in H1 2022 driven by semiconductor fab capacity investments worldwide
Air Liquide H1 2022 Results commentary
AI Products Identified (Ring 1)
Ultra-high purity nitrogen for AI chip fab cleanroomsElectronic specialty gases for advanced node processesOn-site hydrogen generation for semiconductor fabsBulk argon for sputtering
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 (~€4B/yr)Large Industries on-site gasIndustrial Merchant gasesEngineering & ConstructionElectronics gases for non-AI semiconductor production
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix