“Our view is towards the back end of this year, we expect that recovery that everyone is talking about, led by AI chips or data centers to actually gather momentum.”

In context

“Duffy Fischer with Goldman Sachs. Patrick Fischer: First question is just around electronics. A lot of incoming calls on electronics, investors seem to be getting more and more bullish. How much leverage do you have to electronics in that we know what the revenue is, but I believe it carries a higher margin than average? So if electronics picks up, how much leverage could that give to the whole of Linde? And are you seeing signs that the electronics market is picking up for you guys going forward? Sanjiv Lamba: Duffy, you're right in suggesting that there is a general view on electronics that we are seeing an improvement. As you know, we -- it's about 10% -- just under 10% of our overall portfolio. About 30% of our backlog today is investment in electronics. All of that is playing out. Our view is towards the back end of this year, we expect that recovery that everyone is talking about, led by AI chips or data centers to actually gather momentum. We haven't baked anything into our guidance, as you're aware, but we do expect to see some momentum build up. We've seen a decent electronics performance in China, and we are seeing equally in the rest of Asia, a reasonable level of bottoming out, which hopefully then points to a recovery in the second half. Patrick Fischer: Great. And then maybe just jump to low-carbon hydrogen, blue hydrogen for you guys. You put out a couple of slides over the last 1.5 years or so, sizing that market over the last decade. Just kind of an update, how are those conversations going? What should investors expect as far as announcements again, primarily with sizable projects? And then the one you've announced with OCI, how is that progressing as far as finding partners for the CO2 sequestration and just ge”