Linde is trading at $489.20 (-3.82%) in pre-market on July 31st, despite reporting its Q2 earnings and announcing a significant $1 billion investment to expand its semiconductor facility in Phoenix, Arizona. The company reported second-quarter 2026 net income of $1,928 million and diluted EPS of $4.15, up 9% and 11% respectively, and also raised the bottom end of its full-year earnings forecast. Linde will build and operate two new SPECTRA® air separation units to supply ultra-high-purity industrial gases for a major semiconductor manufacturer's expansion, with a related $800 million investment by its joint venture in Taiwan.