{
 "ticker": "APD",
 "name": "Air Products",
 "url": "https://grantbishop.pages.dev/index/APD",
 "sells": "Air Products sells industrial gases such as oxygen, nitrogen and hydrogen, plus the equipment that produces them, supplying basic inputs that chipmakers and data centres need.",
 "why": "We follow it because it supplies materials and gases used to make the chips that the AI build runs on.",
 "questions": [
  {
   "slug": "chips",
   "question": "Who makes the chips, and the tools to make them?",
   "url": "https://grantbishop.pages.dev/index/q/chips"
  }
 ],
 "tests": [
  {
   "id": "W-6",
   "claim": "Spending on the AI build is running ahead of the revenue it produces.",
   "url": "https://grantbishop.pages.dev/claims/ai-spending-ahead-of-revenue"
  },
  {
   "id": "W-2",
   "claim": "The summer sell-offs on beat-and-raise reports are the market paying less for earnings, not the businesses failing. They reverse when the price of money stops rising.",
   "url": "https://grantbishop.pages.dev/claims/market-pays-less-for-earnings"
  }
 ],
 "reports_next": null,
 "latest_disclosed": {
  "form": "10-Q",
  "filed": "2026-07-30",
  "period": "2026-06-30",
  "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm"
 },
 "disclosed": [],
 "check": "Checked against the company's own business description in its latest annual filing.",
 "log": [
  {
   "date": "2026-10-19",
   "note": "Entry rewritten in plain words: what the company sells, and why we follow it."
  },
  {
   "date": "2026-10-12",
   "note": "Verified against the 10-Q filed 2026-07-30 at launch."
  }
 ],
 "living_report": {
  "report": false,
  "last_revised": null,
  "next_disclosure": null,
  "timeline": [
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  ],
  "history": []
 },
 "market": {
  "rule": "Each figure is kept only where Massive and Yahoo agree on it to the cent; a figure they do not agree on is null. Dated, not live. The market value and the forward multiple are computed from the close.",
  "last_close": {
   "value": 311.08,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
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    "Yahoo"
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  },
  "day_range": {
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   "high": 312.74,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
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    "Yahoo"
   ]
  },
  "range_52_week": {
   "low": 229.11,
   "low_date": "2025-12-10",
   "high": 324,
   "high_date": "2026-11-05",
   "sessions": 251,
   "currency": "USD",
   "as_of": "2026-11-09",
   "providers": [
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    "Yahoo"
   ]
  },
  "market_value": {
   "value": 69273014672,
   "currency": "USD",
   "as_of": "2026-11-09",
   "computed": "the last close times the shares outstanding on the filing cover",
   "shares": {
    "count": 222685530,
    "as_of": "2026-06-30",
    "form": "10-Q",
    "filed": "2026-07-30",
    "url": "https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/"
   }
  },
  "forward_multiple": null,
  "checked_at": "2026-11-10 23:30:40"
 },
 "exhibits": null,
 "mentions": [],
 "note": "Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.",
 "license": "Free to cite with a link."
}