Linde stock breaking out on rising helium prices. But wait.

Roughly one-third of global helium has historically been supplied from Qatar. Now exports are blocked due to the Iran conflict.

This matters because helium is critical for chipmakers. "The gas is essential for creating ultra-pure, inert atmospheres and for cryogenic cooling required during complex fabrication processes such as lithography."

There are no viable substitutes, meaning demand is highly inelastic.

Linde $LIN:USA is the world's largest industrial gas company and the leading global helium supplier (~9.6% of the global market).

The company sits on massive underground helium storage caverns. When the market is in deficit, this gives enormous pricing power.

However, helium sales account for only about 2% of Linde's total revenue. Even if prices double or triple, it won't lead to a significant earnings boost.