Air Liquide (ADR)
AIQUFQ4 2024(AIQUF Q3 FY2024)Estimated1.2% AI
AI Revenue %
1.2%
AI Fair Value
$633.1M
AI Revenue (Q)
$90.0M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q3 2024 estimated total revenue ~€6.8B. Electronics segment ~€720M. AI chip production continuing to scale: NVIDIA Blackwell ramping, TSMC advanced node utilization at record highs, HBM capacity expanding. Air Liquide benefits from the ongoing semiconductor capacity buildout, with new on-site gas supply installations coming online at recently constructed fabs. The relationship is: more fab capacity built for AI → more long-term gas supply contracts → more gas revenue. However, the gas itself is undifferentiated — the same nitrogen molecule serves AI chips and smartphone chips. The AI attribution is based on the incremental demand driven by AI chip production growth. Conservative 1.2%. Math: €6.8B × 1.2% = ~€82M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Air Liquide continued to invest in new on-site gas production facilities at semiconductor fabs, with multiple installations progressing at TSMC and other major customers
Air Liquide corporate updates, 2024
Global advanced node semiconductor capacity (sub-7nm) expanding at approximately 20% annually, with AI chips representing a growing share of this capacity
Industry estimates, H2 2024
AI Products Identified (Ring 1)
Ultra-high purity gases for AI chip fabsElectronic specialty gases for advanced node processesOn-site gas generation for AI-focused fab capacityProcess gases for HBM productionCarrier/purge gases for EUV lithography
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