Stock Markets March 17, 2026

Google's Taiwan procurement team visits China amid talks over liquid cooling hardware

Discussions with Envicool and other Chinese suppliers underscore tight supply for AI data centre cooling components

By Ajmal Hussain GOOGL
Google's Taiwan procurement team visits China amid talks over liquid cooling hardware
GOOGL

A Google procurement delegation from its Taiwan operations has held meetings in China with Envicool and plans to meet additional local suppliers as the company explores liquid cooling systems for AI data centres. The visits reflect constrained parts availability for high-density cooling solutions and the rising role of Chinese manufacturers in the global data centre supply chain.

Key Points

  • Google's Taiwan procurement team visited China this month and met with Envicool, with plans to meet at least one other Chinese supplier - highlighting a supplier search for liquid cooling systems used in AI data centres.
  • Liquid cooling is crucial for AI data centres because high-density compute generates heat beyond conventional air cooling capacity; the market for these systems is forecast to grow materially, driven by cloud providers and custom AI chips.
  • Chinese suppliers have expanded their role in the market as domestic demand and large local data centre projects boost production volumes and help lower costs; suppliers named include Envicool, Lingyi iTech, Feilong Auto Components, Lenovo, Foxconn, Auras, Delta Asia, Innolight, Eoptolink and Victory Giant Technology.

Google's procurement group from Taiwan conducted on-site visits in China this month to evaluate suppliers of liquid cooling equipment used in data centres, according to people familiar with the trip. The delegation met with Shenzhen-based Envicool and is scheduled to meet at least one other Chinese manufacturer, the sources said. Two of three sources confirmed the meeting with Envicool; they were not authorised to speak publicly and asked not to be named.

Liquid cooling systems - which circulate water or other liquids around servers and processing hardware - have become critical in AI-focused data centres because the intense, high-density compute stacks generate heat beyond what conventional air cooling can effectively manage. The procurement team's trip signals constraints in the supply of parts and components for these liquid cooling solutions, the sources said.

Attempts to obtain comment from Google and from Shenzhen-based Envicool were not answered, the sources said.


Market context and supplier positioning

Analysts and market reports cited in recent industry coverage project rapid growth in demand for AI server liquid cooling systems. One such report projects the global market could swell from $8.9 billion last year to more than $17 billion by 2026, driven largely by cloud providers and companies deploying custom AI chips.

Envicool, founded in 2005 and with a stated market value of 98 billion yuan, has reported notable revenue growth recently. The company disclosed a 40% rise in revenue during the first nine months of the most recent year reported. At a recent industry event, Envicool displayed a coolant distribution unit (CDU) - a component that channels coolant to server racks - that it said was built to Google's specifications.

Following an analyst call this month, a report referenced comments indicating Envicool expects liquid cooling revenue to increase on a quarterly basis this year. The company reportedly has a pipeline that includes potential orders from Google for fifth-generation CDUs and other components, according to that report. Envicool has also said it plans to expand capacity at a new factory in Guangdong province, and to continue building facilities in Thailand and the United States.


Supply chain dynamics and industry participants

The liquid cooling market is described as highly fragmented, with specialised suppliers providing different parts of the overall systems. Chinese suppliers have gained traction as domestic demand and numerous local data centre projects have enabled higher production volumes and reduced costs.

Leading suppliers named in industry discussion include component firms such as Lingyi iTech and Feilong Auto Components, alongside server manufacturers like Lenovo. In Taiwan, companies including Foxconn, Auras and Delta Asia are cited as major parts suppliers for Google in the Asian region.

Other Chinese manufacturers benefiting from AI data centre expansion include makers of optical transceivers, such as Innolight and Eoptolink. Chinese firms also have a strong presence in the printed circuit board market; companies like Victory Giant Technology count large cloud and chip customers among their clients, including Nvidia and Google.


Takeaway

The procurement visit by Google’s Taiwan team highlights pressure points in the supply chain for a category of hardware that has become strategically important for AI infrastructure. The meetings with Envicool and planned talks with additional Chinese suppliers underscore how both advanced chips and auxiliary components - including liquid cooling systems and the myriad parts that comprise them - are now focal points in global efforts to scale data centre capacity for AI workloads.

Note on currency - The article uses an exchange rate of $1 = 6.8831 Chinese yuan for valuation context.

Risks

  • Parts and component shortages - The procurement visit underscores tight supply for liquid cooling system components, which could constrain deployment of AI data centre capacity. (Impacted sectors: cloud infrastructure, enterprise IT hardware)
  • Concentration and fragmentation - The highly fragmented nature of the liquid cooling supply chain means procurement and integration complexity, posing execution and delivery risks for data centre projects. (Impacted sectors: data centre construction, hardware suppliers)
  • Supplier dependency - Growing reliance on Chinese manufacturers for multiple components introduces sourcing concentration that could affect timelines or pricing for global cloud providers and AI infrastructure builders. (Impacted sectors: cloud services, semiconductor ecosystem)

More from Stock Markets

European Markets Hesitant as Oil Surges After Allies Decline U.S. Request Over Hormuz Mar 17, 2026 Attacks Cripple UAE Energy Links as Shah Gas Field and Fujairah Port Hit Mar 17, 2026 Samsung Unveils High-Speed HBM4 Memory for Nvidia’s Vera Rubin Platform Mar 17, 2026 Primary Health Properties lifts covered dividend 3% as NAV falls to 99p Mar 17, 2026 Rob Woodward to Take the Helm as Vistry Group Chair After May AGM Mar 17, 2026