Air Liquide (ADR)
AIQUFQ3 2023(AIQUF Q2 FY2023)Estimated0.6% AI
AI Revenue %
0.6%
AI Fair Value
$260.0M
AI Revenue (Q)
$45.0M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q2 2023 estimated total revenue ~€6.9B (lower than prior year due to declining energy pass-through pricing). Electronics segment ~€620M. NVIDIA reported surging data center demand; TSMC began reporting higher advanced node utilization for AI accelerators. The physical demand for gases at AI chip fabs was starting to materialize more concretely as H100 production volumes increased. However, AI chips still represented a small fraction of total wafer starts, and gas consumption is proportional to wafer throughput (not chip ASP). Modest increase to 0.6%. Math: €6.9B × 0.6% = ~€41M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Air Liquide H1 2023 group revenue €13.9B, comparable growth +3.3%. Energy pass-through effects declining significantly
Air Liquide H1 2023 Results
TSMC reported increasing advanced node utilization in Q2-Q3 2023, driven by AI accelerator demand from NVIDIA and other customers
TSMC Q2/Q3 2023 earnings calls
AI Products Identified (Ring 1)
Ultra-high purity gases for TSMC N5/N4 AI chip productionElectronic specialty gases for H100/A100 wafer processingOn-site nitrogen/hydrogen generation for AI chip 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