Air Products Invests in Semiconductor Gas Supply Projects
On September 16, Air Products (NYSE:APD) announced a long-term agreement to supply high-purity gases for semiconductor manufacturing in Arizona. The project involves $250 million of investment and is part of two larger projects totaling over $900 million. This marks the company's second major win in the chip sector following an earlier deal with a manufacturer in Taiwan. The decision reflects Air Products' strategic shift toward its core electronics supply business, which has historically been profitable. In fiscal Q3 2026, adjusted earnings per share rose to $3.47 from $3.10 year-over-year, and the company raised its full-year guidance due to improved margins. However, this pivot comes at a cost: Air Products recently abandoned several large clean-energy projects in Louisiana and Arizona, resulting in pre-tax charges of about $2.9 billion and GAAP losses for Q3 2026 despite strong underlying performance.
