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Helium has emerged as a key focus for the tech sector as industry watchers cast their minds to the implications of a prolonged Iran war.
A byproduct of natural gas production, helium is crucial to semiconductor manufacturing and the world's second largest supplier has seen its export capacity hamstrung by Iranian strikes.
Qatar, which owns part of the world's largest gas field, provided over 30% of the market in 2025, according to S&P Global. That's a big gap to fill.
"The shutdown of Qatar helium production due to the US-Iran military conflict has removed roughly a third of global helium supply and shifted the market from oversupplied to undersupplied," Deutsche Bank analysts said in a note from March 12.
Prices have surged since, and while many market watchers are optimistic about chipmakers retaining access to the material, a drawn-out conflict will mean helium buyers are forced to scramble to maintain supply chains.
Helium producers in North America — which holds the largest share of the market — are set to benefit from the disruption to Qatar's supply, but Russia — the third largest helium supplier — could also gain.