Blaming AI Again? This Gas Surged 240%

Argon is primarily produced via cryogenic air separation—a byproduct of the air separation process. Unlike many chemical products, manufacturers cannot simply install a dedicated argon production unit to ramp up output when market prices rise. Any increase in supply ultimately depends on air separation units, argon extraction capacity, and downstream distribution infrastructure—meaning short-term supply elasticity is inherently low. This summer, some air separation units underwent maintenance, high temperatures forced certain equipment to operate at reduced loads, and supply disruptions occurred in several regions—leading to a temporary tightening of liquid argon supply. According to ChemLinked’s August analysis, concentrated maintenance of air separation units across central and eastern China—combined with reduced liquid output due to extreme heat—significantly widened the market supply gap. Yet argon merits special attention precisely because of its dual identity. On one hand, it is a critical industrial gas for traditional sectors such as welding, steelmaking, and machinery manufacturing—argon arc welding being its largest application, widely used in structural steel, pressure vessels, shipbuilding, construction machinery, and aluminum components for new-energy vehicles. On the other hand, argon is classified as an electronic bulk gas, serving protective and carrier-gas functions in semiconductor manufacturing. The semiconductor industry imposes far stricter requirements on argon purity, impurity control, and supply stability than general industrial applications do. It is not some ‘magical semiconductor material’—merely one of the most fundamental and ubiquitous gases within the semiconductor production ecosystem. And precisely because it is so foundational, its dynamics often reflect broader expansion trends across the entire industrial chain. AI has not directly driven this round of price hikes—but it *is* lifting the long-term demand floor. Argon prices surged 240%, yet AI cannot be considered the direct catalyst. However, AI-driven semiconductor capacity expansion *is* raising the long-term demand floor for electronic specialty gases. Two global industrial gas leaders have already committed substantial capital investments aligned with semiconductor expansion. On July 31, 2026, Linde announced it had secured a long-term gas supply agreement with a major global semiconductor manufacturer and would invest approximately $1 billion to expand its industrial gas facilities in Phoenix, Arizona, USA. The company plans to build two new air separation units to supply ultra-high-purity nitrogen, oxygen, and argon to two new semiconductor wafer fabs. Linde described this as one of its largest-ever investments globally for electronic-industry customers. If semiconductor expansion were merely a capital-market narrative, Linde would have no reason to commit $1 billion toward building air separation units. In July 2026, Air Products disclosed in its third fiscal quarter earnings materials that its subsidiary Sanfu Gases had signed a long-term agreement with a semiconductor manufacturer to support its capacity expansion. Under the agreement, Sanfu will design, construct, own, and operate four large-scale advanced air separation units, bulk gas supply systems, and underground pipeline networks—providing nitrogen, oxygen, argon, and helium. This confirms that semiconductor-driven gas demand has already translated into real capital expenditures by suppliers—not just conceptual rhetoric. Argon is the symptom; supply-demand imbalance is the root cause. Broadening our view from argon to the entire electronic specialty gas sector reveals that argon is neither the first nor the last gas to experience supply-demand shifts. On July 10, 2026, China’s Ministry of Commerce and General Administration of Customs jointly issued a notice, invoking relevant provisions of the People’s Republic of China Foreign Trade Law, to impose temporary export prohibition measures on helium—effective immediately upon publication.

Speech at the Financial Work Analysis Meeting for Q3 2026

"Wisdom" and "Courage" in Tandem, "Aspiration" Assured to Succeed — Speech at the Financial Work Analysis Meeting for Q3 2026 Colleagues, Today, we convene the Company’s Financial Work Analysis Meeting for the third quarter of 2026. This meeting marks a pivotal juncture—both concluding the year’s work and accelerating toward our annual targets. Its core mission is to comprehensively review the Company’s overall financial and operational performance in Q3 2026; accurately assess the current landscape confronting our finance function—including emerging opportunities and risks; and systematically deploy key tasks for Q4, including financial control, quality-and-efficiency enhancement, and risk prevention and mitigation—thus ensuring full achievement of all annual financial indicators and smooth realization of business objectives. The macroeconomic environment remains complex and volatile; industry competition continues intensifying; and our Company faces formidable challenges in enhancing quality and efficiency, reducing costs, and strengthening compliance controls. This meeting serves both as a summary forum and as a mobilization rally for the final push. All finance personnel and business-line colleagues must thoroughly review existing gaps, consolidate lessons learned and best practices, align on shared priorities, and clarify targeted action plans—leveraging refined financial management to empower the Company’s high-quality, steady development and solidify the financial foundation for a successful year-end performance.

Air Products to Host Q3 FY26 Earnings Call

Jul 15, 2026

Air Products and Chemicals Inc will host its Q3 FY26 earnings call on July 30, 2026, following $12.0 billion in sales for fiscal 2025. The company focuses on energy, environmental, and emerging markets.

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Air Products Files Form 144 to Sell Shares

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Air Products & Chemicals Posts 19% Adjusted EPS Growth on Higher On-Site Volumes

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What to Expect From Air Products and Chemicals' Q3 2026 Earnings Report