Air Liquide (ADR)
AIQUFQ1 2024(AIQUF Q4 FY2023)Estimated0.8% AI
AI Revenue %
0.8%
AI Fair Value
$372.5M
AI Revenue (Q)
$60.0M
Total Revenue (Q)
$7.5B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q4 2023 / FY2023 full year. Air Liquide reported FY2023 total revenue of €27.6B (down 8% from FY2022, primarily due to lower energy pass-through; comparable growth +4.2%). Electronics business line revenue ~€2.6B for the full year (~9.4% of total). AI chip demand was accelerating through H2 2023: NVIDIA H200 launching, HBM3E production scaling, TSMC advanced node capacity expanding for AI. The incremental gas demand from AI chip manufacturing was becoming more meaningful. However, Air Liquide's long-term gas supply contracts mean the relationship between AI chip production and gas revenue is indirect and lagged. Conservative increase to 0.8%. Math: €27.6B / 4 × 0.8% = ~€55M per quarter. Full year: €27.6B × 0.8% = ~€221M.
Analyzed by claude-opus-4-6
Quoted Figures
FY2023 group revenue €27,608 million, comparable growth +4.2%. Electronics business line approximately €2.6 billion
Air Liquide FY2023 Annual Results
Electronics growth driven by continued investments in semiconductor manufacturing capacity and increasing demand for advanced node chips
Air Liquide FY2023 Annual Results commentary
AI Products Identified (Ring 1)
Ultra-high purity gases for AI chip fabs (TSMC, Samsung, Intel)Electronic specialty gases for EUV/advanced depositionOn-site gas generation for leading-edge semiconductor fabsBulk gases for HBM memory production
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.
Large Industries on-site gas (refining, chemicals, metals)Industrial Merchant gasesHealthcare gases and servicesEngineering & ConstructionElectronics gases for non-AI semiconductor (mobile, automotive, IoT, consumer)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix