Air Liquide (ADR)

Q4 2024 / FY2024 full year. Air Liquide reported FY2024 total revenue of approximately €27.1B (comparable growth ~3-4%). Electronics business line revenue ~€2.9B for the full year (~10.7% of total), showing the strongest growth among business lines driven by semiconductor industry recovery and capacity expansion. AI chip demand was the primary growth driver in the semiconductor industry through 2024. NVIDIA data center revenue exceeded $100B annualized by late 2024. New fab capacity coming online in Arizona (TSMC), Ohio (Intel), and continued expansion in Taiwan/Korea is increasingly AI-focused. Air Liquide is securing long-term gas supply contracts for these expansions. However, even at peak, AI chips represent perhaps 15-20% of total advanced node wafer starts, and advanced nodes are only a portion of Air Liquide's Electronics segment revenue (which also serves mature fabs). Conservative 1.3%. Math: €27.1B / 4 × 1.3% = ~€88M per quarter. Full year: €27.1B × 1.3% = ~€352M.