[Linde's post-earnings slide](https://www.cnbc.com/2026/07/31/lindes-post-earnings-slide-is-a-buying-opportunity-heres-why-.html) is being pitched as a gift. It's not. The industrial gas play isn't a standalone story—it's a proxy for capex intensity across semiconductor fabrication, and when suppliers start missing on margins while booking record revenue, the accounting tells you demand is decelerating faster than headline growth suggests.

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