Linde produces physical gas molecules for physical industries — AGI cannot digitize oxygen or nitrogen, and semiconductor fab demand for specialty gases grows directly with AGI compute needs.
Linde is the world's largest industrial gas company by market capitalization and revenue, formed from the 2018 merger of Praxair (US) and Linde AG (Germany). The company produces, sells, and distributes atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, carbon dioxide, helium, specialty gases), and engineering services for gas processing plants. Linde serves a vast range of industries including healthcare, electronics/semiconductors, food and beverage, metals and mining, chemicals, energy, and manufacturing. The company's business model features long-term take-or-pay contracts and on-site gas generation at customer facilities, providing highly predictable revenue.
Healthcare/hospitals (medical gases), semiconductor manufacturers (ultra-high-purity gases), steel and metals producers, oil refineries and chemical plants, food and beverage processors, welding and fabrication shops, aerospace companies, water treatment facilities, and virtually any industry requiring industrial gases. Linde has hundreds of thousands of customers ranging from small cylinder accounts to massive on-site pipeline supply contracts.
AGI cannot replace industrial gases. Linde produces and distributes oxygen, nitrogen, argon, hydrogen, carbon dioxide, and specialty gases used in manufacturing, healthcare, food processing, welding, and electronics. These are physical molecules produced through physical processes (cryogenic air separation, steam methane reforming, electrolysis). AGI has no mechanism to digitize the production or delivery of gas molecules. Semiconductor fabs use massive quantities of ultra-high-purity specialty gases — a demand stream that AGI amplifies. Linde's customers span every physical industry: steel mills, hospitals, food processors, semiconductor fabs, chemical plants, welders, and space programs. These are overwhelmingly physical-world businesses with zero self-serving IT exposure.