Euronext Paris · industrial/specialty gases · fab on-site
Air Liquide
The #2 industrial-gas company (FY2025 revenue ~€27B). Supplies fabs with ultra-high-purity carrier gases and advanced materials (silane, Voltaix) via on-site and pipeline. Long-term UHP-gas supply to SK Hynix’s Cheongju P&T7 (HBM packaging); Micron (Idaho), Samsung and TSMC are also customers. Building a specialty-gas plant in Sejong.
AI.PA Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Air Liquide is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 31 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ~€27B
- Customer concentration · Electronics a growth driver; SK, Micron, Samsung.
- Segments · Atmospheric/carrier gases · Specialty/advanced materials (Voltaix) · On-site plants
Revenue from
- SK hynix High confidence
Long-term UHP/specialty-gas supply to SK hynix (incl. Cheongju P&T7, HBM packaging) — an on-site contract axis tied to HBM capacity.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - Micron Technology Medium confidence
Supplies UHP/specialty gases to Micron fabs (Idaho and others) — an on-site axis tied to new-fab ramps.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - TSMC Medium confidence
Supplies UHP/specialty gases to TSMC fabs — tied to foundry leading-edge demand.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - Samsung Electronics Medium confidence
Supplies UHP/specialty gases to Samsung fabs — a demand axis from memory/logic expansion.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - electronics, display & solar (gases) Medium confidence
Electronics, general-industry and healthcare gases — an axis diversifying beyond semiconductors.
Pays to
- power, plant & logistics (undisclosed) Low confidence
ASU power and logistics — the largest variable cost of gas production, where power prices drive margin (undisclosed). - R&D · advanced materials (undisclosed) Low confidence
Specialty-gas and advanced-materials (Voltaix) R&D — deposition-material competitiveness is the barrier for high-value growth (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Air Liquide | node | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Air Liquide's thesis is annuity-like revenue tied to semiconductor growth within an industrial-gas oligopoly alongside Linde. As the world's #2 industrial-gas company (FY2025 revenue ~€27B), it supplies fabs with ultra-high-purity carrier gases and advanced materials (silane, Voltaix) under on-site and pipeline long-term contracts — on-site plants beside fabs are the moat, built on switching costs and logistics density. The growth driver is electronics/semiconductors: long-term UHP-gas supply to SK hynix's Cheongju P&T7 (HBM packaging), customers Micron (Idaho), Samsung and TSMC, and a new Sejong specialty-gas plant lift revenue alongside capacity expansion. As HBM and scaling raise consumption of advanced materials (Voltaix), the high-value mix grows. Re-rating triggers are the fab-capacity cycle, new on-site contract wins, and wider adoption of specialty materials (precursors, deposition materials).
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target €180 · Price €174.3 (07-10) · Upside +3%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | Buy | €179 | Jun 16, 2026 | Report ↗ |
| Kepler Cheuvreux | Buy | €194 | Mar 31, 2026 | Report ↗ |
| Morgan Stanley | Equal Weight | €168 | Mar 27, 2026 | Report ↗ |
Consensus stays Buy (average target around EUR 196) on the industrial-gas major, with Morgan Stanley and Kepler Cheuvreux upgrades in March 2026 followed by Goldman Sachs reaffirming Buy in June.