Air Liquide (ADR)
AIQUFQ4 2023(AIQUF Q3 FY2023)Estimated0.7% AI
AI Revenue %
0.7%
AI Fair Value
$308.9M
AI Revenue (Q)
$52.5M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q3 2023 estimated total revenue ~€6.8B. Electronics segment ~€640M (recovering as semiconductor cycle troughed). NVIDIA data center revenue hit $14.5B in their Q3 (up from $3.6B YoY), indicating massive AI GPU production. TSMC's HPC segment (includes AI) reached ~42% of TSMC revenue. As AI chip production scaled at TSMC and Samsung, incremental gas demand from AI fabs became more visible. However, Air Liquide's gas supply is contracted on a volume/capacity basis — a fab consuming more gas for AI chips vs mobile chips uses the same gas. The AI attribution comes from the incremental capacity and utilization driven by AI demand. Conservative increase to 0.7%. Math: €6.8B × 0.7% = ~€48M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
NVIDIA data center revenue reached $14.5 billion in Q3 FY2024 (Oct 2023), implying massive wafer consumption at TSMC advanced nodes
NVIDIA Q3 FY2024 earnings
Air Liquide Electronics business saw improving trends in H2 2023 as semiconductor demand began recovering
Air Liquide Q3 2023 revenue release
AI Products Identified (Ring 1)
Ultra-high purity gases for TSMC N5/N4/N3 AI chip productionElectronic specialty gases for advanced node EUV processesOn-site gas generation at AI chip fabsBulk gases for HBM memory 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