Upcoming Spinoffs - Flex Announces Intention to Spin Off its Cloud and Power Infrastructure Segment

Upcoming Spinoffs - Flex Announces Intention to Spin Off its Cloud and Power Infrastructure Segment

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Flextronics International Limited trades on the NASDAQ

Flex Announces Intention to Spin Off its Cloud and Power Infrastructure Segment into a New Independent Publicly Traded Company

Spin-off will create two companies with distinct growth strategies that are poised to drive significant customer and shareholder value

News summary

•The new company (“SpinCo”) will be a high-growth critical digital and electrical infrastructure company, delivering end-to-end power and thermal management technologies and integrated infrastructure systems for AI data centers and mission-critical applications.

•Flex will continue as a leading advanced manufacturing company, designing and building highly complex products and services at global scale for premier brands across diversified end markets, with a disciplined focus on portfolio optimization, durable cash flow, and shareholder returns.

•Revathi Advaithi will become CEO of SpinCo. She will also serve as Chairman of the Board of Directors of Flex for a transitional period upon the completion of the spin-off.

•Michael Hartung will be named CEO of Flex.

•Transaction intended to be tax-free to shareholders and targeted to close in the first quarter of calendar 2027.

AUSTIN, Texas – May 5, 2026 – Flex (NASDAQ: FLEX) today announced that its Board of Directors has unanimously approved moving forward with a plan to spin off its Power and Cloud portfolio from Flex, creating two independent, publicly traded companies, each optimally positioned to serve their customers and create value for their shareholders.

“Today’s announcement is the next step in a deliberate transformation that has reshaped Flex into a technology-focused industrial company over the past seven years,” said Revathi Advaithi, Chief Executive Officer of Flex. “By creating two focused, independent companies, we are giving SpinCo the platform to build and scale the products and digital infrastructure that the world’s most demanding AI workloads depend on, and Flex the focus to deliver advanced manufacturing solutions at global scale for diversified industries. We believe each company will have the strategic clarity and dedicated leadership to drive exceptional outcomes for its respective customers and shareholders. I’m excited to be part of the journey for both companies.”

Benefits of the spin-off

As separate companies, SpinCo and Flex are expected to benefit from:

•Sharpened strategic focus and execution

•Distinct financial profiles and capital allocation policies

•Improved transparency around performance and expectations

•Unique investment approaches to fund long-term profitable growth

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Source

http://thezenofinvesting.com/upcoming-spinoffs/

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Google Gemini Insights

In May 2026, Flex Ltd. (NASDAQ: FLEX) officially announced plans to spin off its Cloud and Power Infrastructure (CPI) segment into an independent, publicly traded company.

The transaction is structured to be tax-free to shareholders and is targeted to close in the first quarter of calendar 2027.

Key Breakdown: The Two Post-Spin Entities

The move separates Flex’s highest-growth, AI-adjacent infrastructure business from its core global advanced manufacturing operations:

Feature	SpinCo (Cloud & Power Infrastructure)	RemainCo (Flex Ltd.)
Core Focus	High-density digital & electrical infrastructure, end-to-end power, liquid/thermal management, and compute integration for AI data centers.	Advanced contract manufacturing across diversified markets (industrial automation, automotive, healthcare, lifestyle).
Financial Profile	High Growth / AI Pure-Play: Fastest-growing segment (~24% of Flex revenue in FY26, with revenue growth projected at 65%–75% for FY27).	Cash Generation / Margin Discipline: Focuses on operational efficiency, portfolio optimization, and durable free cash flow.
Leadership	Revathi Advaithi (current Flex CEO) will become CEO of SpinCo.	Michael Hartung will become CEO of Flex.

Strategic Rationale for the Separation

1. Unlocking Value & Pure-Play Multiples: As a consolidated contract manufacturer, Flex’s stock traded at standard industrial/EMS valuation multiples. Separating the CPI segment allows the market to value it as a direct AI data center infrastructure peer (competing alongside liquid cooling and critical power providers).

2. Capital Allocation & Strategic Clarity: SpinCo will require aggressive capital expenditure to expand capacity for skyrocketing AI workload demands. Flex can maintain a leaner capital structure aimed at share buybacks, steady dividends, and disciplined margin expansion.

3. Customer & Product Focus: SpinCo consolidates power distribution, embedded power, and liquid thermal management under one roof—offering hyperscalers a single-vendor solution from grid to chip rather than piecemeal components.

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What incentives are built into this spinoff for its new management?

In corporate spin-offs like Flex’s separation of its Cloud and Power Infrastructure (CPI) segment, executive incentives are carefully structured to align management’s pay with the new company's standalone growth profile.

While exact dollar-denominated equity grant figures for "SpinCo" will be detailed in the forthcoming Form 10 registration statement and Schedule 14A proxy filings, the structural incentives built into this spinoff for management fall into several key categories:

1. Pure-Play Equity Alignment (Capturing AI Multiples)

• Direct Stock-Price Sensitivity: Historically, Flex’s overall stock traded at valuation multiples typical of traditional Electronic Manufacturing Services (EMS). Moving CEO Revathi Advaithi and key executives to SpinCo shifts their equity compensation package into a pure-play AI infrastructure entity.

• Unlocking Compensation Value: Because equity and stock-based performance awards make up the vast majority of CEO and executive compensation at Flex, leadership’s net worth is directly tied to SpinCo securing higher market multiples (comparable to power and liquid-cooling peers like Vertiv or Eaton).

2. Tailored KPI Targets (Growth & Margin Expansion)

In a diversified parent company, executives are held to consolidated metrics. Under the independent SpinCo, management’s Performance Share Units (PSUs) and annual bonuses will be recalibrated around CPI-specific performance drivers:

• Hyper-Growth Benchmarks: Incentives will be tied directly to hitting aggressive revenue targets in AI data center infrastructure (where CPI revenue is projected to grow 65%–75% in FY27).

• Margin Expansion & ROIC: Leaders will be rewarded for expanding operating margins in specialized high-density power and liquid thermal management rather than general manufacturing.

3. Separation Retention & Transition Packages

• Lock-in Grants: To prevent leadership flight during the multi-month execution phase leading up to the expected Q1 2027 close, spin-offs typically utilize transition equity grants that vest over multi-year periods post-separation.

• Dual-Entity Bridge Incentives: Revathi Advaithi taking on the role of SpinCo CEO while remaining Non-Executive Chairman of Flex during a transitional period aligns leadership to ensure the separation is executed smoothly without operational or supply-chain friction for either company.

4. Capital Allocation Autonomy

• Direct Control over CapEx: Management is incentivized by having a tailored capital structure and balance sheet. Rather than competing with legacy contract manufacturing segments for corporate capital, SpinCo management can re-invest cash flows directly into high-return AI infrastructure expansion, directly driving the equity value of their personal shareholdings.

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Who are the key executive leaders appointed to SpinCo versus RemainCo for the Flex spinoff?

Flex announced the executive leadership slates for both SpinCo (the Cloud & Power Infrastructure business) and RemainCo (Flex Ltd.).

1. SpinCo Leadership (Cloud & Power Infrastructure)

SpinCo's executive team brings together Flex’s top enterprise executives to drive its high-growth AI data center, power, and thermal management operations:

Role	Appointed Executive	Context / Notes
Non-Executive Chairman	Bill Watkins	Industry veteran serving as Board Chair.
Chief Executive Officer	Revathi Advaithi	Current Flex CEO transitioning to lead SpinCo as a pure-play AI infrastructure company.
Chief Financial Officer	Kevin Krumm	Current Flex CFO; will oversee finances through separation before becoming SpinCo's permanent CFO.
Chief Operating Officer	Hooi Tan	Driving operational scale and supply chain execution across high-density facilities.
Chief Commercial Officer	Rob Campbell	Managing hyperscaler relationships, cloud accounts, and strategic enterprise growth.
Chief Technology & Strategy Officer	Chris Butler	Overseeing technical roadmap (liquid cooling, high-voltage racks, and power architecture).
President, Embedded Power	Mattias Jansson	Heading board-level power conversion and embedded compute power units.
President, Critical Power	Todd Hoover	Leading grid-to-rack power distribution, transformers, and facility-scale infrastructure.

2. RemainCo Leadership (Flex Ltd.)

Flex Ltd. retains senior operational leaders to manage its core global contract manufacturing, automotive, regulated, and industrial technology segments:

Role	Appointed Executive	Context / Notes
Chief Executive Officer	Michael Hartung	Promoted to CEO (previously Flex's President and Chief Commercial Officer).
Non-Executive Chairman	Revathi Advaithi	Serving a transitional period as Board Chair to ensure continuity during separation.
Chief Operating Officer	Rodrigo DallOglio	Leading global advanced manufacturing footprint across 30+ countries.
President, Integrated Technology Solutions	Dennis Kirkpatrick	Overseeing communications, industrial, and technology manufacturing solutions.
President, Regulated Manufacturing Solutions	Mike Thoeny	Leading automotive, mobility, and healthcare/life sciences manufacturing units.
Chief Business Transformation Officer	Ivan Brockman	Focuses on capital allocation, productivity, and organizational transition.
Chief Financial Officer	Search in Progress	Kevin Krumm remains Flex CFO until close; Flex has initiated a search for a permanent successor.

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Souce

Google Gemini

Jamie Murray’s Top Picks for Aug. 18, 2026

Jamie Murray’s Top Picks for Aug. 18, 2026

BNNBloomberg.ca Staff - August 18, 2026 

Jamie Murray, President, Murray Wealth Group

Focus: North American equities

MARKET OUTLOOK:

We the artificial intelligence (AI) trade continues to dominate the narrative for the foreseeable future.

Anthropic revenue growth continues to astound and its initial Public Offering (IPO) will highlight the fall markets.

With AI growth priced to 2029 for semiconductors and datacenter adjacent companies, we think the focus should be on companies that benefit from falling costs for everyday agentic tasks.

This means enterprise software, organizations with scarce, exclusive data and inherently complex structures should benefit.

The industrial economy continues to turn with project management information system (PMIs) broadly above 50 (expansion) and strengthening.

This is improving order flow for industrial companies and cyclicals in machinery and equipment sectors.

TOP PICKS:

STMicroelectronics (STM NYSE)

A leading diversified semiconductor manufacturer with core exposure to automotive and industrial automation, and expanding secular upside in AI data centres and space. The shares pulled back following its second quarter (Q2) print due to a slight miss on third quarter (Q3) revenue guidance relative to elevated expectations, despite management projecting a sharp second half of the fiscal year ramp with fourth quarter (Q4) revenue guided to less than US$4.0 billion.

The business is positioned to benefit from cyclical stabilization and recovery in automotive (particularly EV powertrains) and expanding electronic content across industrial robotics, factory automation, and physical AI edge compute. In AI datacenters, STM is scaling high-speed optical interconnects , alongside high-efficiency power stages and Silicon Carbide (SiC) modules for high-density server power architectures. In Space, STM maintains a differentiated position as a primary silicon supplier to SpaceX, providing custom radio frequency (RF) beamforming chips and transceivers across Starlink satellites and millions of terrestrial user terminals.

Linamar (LNR TSX)

Linamar maintains a fortress balance sheet with low debt, $2 billion in total liquidity, and strong free cash flow generation. This flexibility underpins a disciplined capital allocation strategy focused on funding organic program launches, executing opportunistic tuck-in acquisitions of distressed casting assets, and returning cash to shareholders via active Normal Course Issuer Bid (NCIB) share buybacks and growing dividends.

Operational momentum is driven by Skyjack, where access equipment unit volumes are up over 50 per cent year-to-date—significantly outpacing global market growth alongside doubled order backlogs. In the Mobility segment, content per vehicle (CPV) continues to expand rapidly (North American CPV up approximately 25 per cent year-over-year), fueled by market share gains in powertrain-agnostic structural components and large light-metal castings. Crucially, over 90 per cent of revenues remain shielded from tariffs via Canada-United States-Mexico Agreement (CUSMA) compliance, leaving trade friction largely isolated to select industrial product lines with active mitigation underway. Trading at a eight times price–earnings ratio (P/E), potential defence wins will be slow to grow but could provide a re-rating catalyst in time.

Capital Power (CPX TSX)

Offers a compelling cash-flow growth profile underpinned by operational catalysts, robust merchant power exposure, and strategic private capital deployment. The company is realizing significant growth at its Genesee plant following the completion of its $1.6 billion coal-to-gas combined-cycle repowering (Units 1 & 2), which unlocked 512 megawatt (MW) of high-efficiency net capacity alongside data center–ready land with access to redundant fiber. In the U.S., recent acquisitions expand its Pennsylvania-New Jersey-Maryland (PJM) footprint positioning CPX to capture substantial earnings before interest, taxes, depreciation, and amortization (EBITDA) upside from surging PJM capacity auction clearings and recontracting. Growth is further accelerated via a US$3 billion equity partnership with Apollo Funds, providing capital-efficient co-investment firepower for accretive U.S. thermal generation without diluting equity. Backed by an investment-grade balance sheet, over $2 billion in available liquidity, and steady contracted baseload cash flows, CPX remains well-equipped to execute deleveraging while growing its annual dividend (4.2 per cent yield).

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Source

https://www.bnnbloomberg.ca/markets/2026/08/18/jamie-murrays-top-picks-for-aug-18-2026/

How Might the Companies that supply NVIDIA ride their Coattails to their own Advantage?

How Might the Companies that supply NVIDIA ride their Coattails to their own Advantage?

Money is made in the dark, not the light.

Carlo Cannell, Cannell Capital

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How might the companies that supply NVIDIA ride their coattails to their own advantage?

For the suppliers that form NVIDIA’s technological backbone, NVIDIA’s explosive growth has created a rare tide that lifts all boats. Rather than remaining passive component vendors, NVIDIA’s key suppliers are actively leveraging NVIDIA’s market dominance, capital, and roadmap visibility to advance their own strategic positions, expand their margins, and build independent competitive moats.

Here is how NVIDIA’s primary suppliers are successfully riding its coattails to their own structural advantage:

1. TSMC: Securing Guaranteed Utilization and Premium Margin Expansion

As NVIDIA’s sole advanced chip manufacturing and packaging partner, TSMC (Taiwan Semiconductor Manufacturing Company) occupies the ultimate strategic bottleneck.

• Passing Along Premium Node Pricing: TSMC has systematically raised prices for its leading-edge semiconductor nodes (such as 3nm and 2nm) and advanced CoWoS (Chip-on-Wafer-on-Substrate) packaging. Because NVIDIA’s customers are desperate for volume, NVIDIA absorbs TSMC’s price increases and passes them down the line, directly bolstering TSMC’s gross margins.

• De-Risked Capital Expenditure (CapEx): Building advanced semiconductor fabs costs $15B–$20B+ per facility. To guarantee capacity, NVIDIA provides multi-billion-dollar prepayments and long-term commitments. This effectively allows TSMC to construct next-generation fabs with lower balance-sheet risk and guaranteed high capacity utilization from day one.

• Standardizing TSMC’s Packaging Formats: As NVIDIA pushes the boundaries of multi-die chip architectures (like the Blackwell and Rubin platforms), it cements TSMC’s 3D/2.5D packaging standards as the global industry benchmark, forcing the rest of the tech industry to build on TSMC’s technology ecosystem.

2. High Bandwidth Memory (HBM) Makers: Driving a High-Margin "Memory Supercycle"

Traditionally, memory makers (SK Hynix, Samsung, Micron) operated in a volatile, highly commodity-driven market subject to brutal price crashes. NVIDIA’s AI platforms have transformed the memory industry’s business model.

• Commodity-to-Specialized Margin Shift: HBM3E and HBM4 chips are highly specialized, complex products that carry significantly higher average selling prices (ASPs) and profit margins than standard DRAM or NAND flash. SK Hynix, in particular, leveraged its early exclusivity with NVIDIA to turn its memory division into a high-margin business.

• Long-Term Revenue Visibility: Historically, memory vendors operated on short-term spot market pricing. To secure memory for upcoming GPU generations, NVIDIA signs multi-quarter and multi-year supply contracts, giving memory makers unprecedented revenue visibility and inventory stability.

• Upward Mobility for Second/Third Sources: While SK Hynix initially captured the bulk of NVIDIA’s HBM orders, Samsung and Micron are using NVIDIA’s qualification process as the ultimate market validation. Once certified for NVIDIA’s top-tier chips, these vendors can command higher pricing across all their other data center and enterprise clients.

3. Server Sub-System & Infrastructure Partners: Expanding into High-Margin Systems

NVIDIA’s architecture requires ultra-specialized infrastructure surrounding the chip—ranging from liquid cooling systems to high-speed liquid-cooled server racks and power delivery modules. Companies in this supply chain (Supermicro, Foxconn, Vertiv, Delta Electronics) are using NVIDIA to pivot up the value chain.

• Shifting from Commodity Assemblers to Complex System Integrators: Server assemblers traditionally operated on razor-thin margins (~5%–8%). By co-designing specialized, high-density liquid-cooled rack architectures (such as NVL72 platforms) required for NVIDIA’s high-power chips, suppliers like Foxconn and Supermicro are re-branding themselves as complex AI infrastructure providers, capturing higher software-like integration margins.

• Establishing Thermal & Power Standards: Companies supplying liquid-cooling systems (e.g., Vertiv) are leveraging NVIDIA’s thermal specs to set the standard for the entire AI data center industry. As enterprise data centers upgrade to accommodate AI chips, these suppliers win business well beyond NVIDIA’s direct orders.

4. Electronic Design Automation (EDA) Tools: Synopsys & Cadence

Designing chips with tens or hundreds of billions of transistors requires sophisticated EDA software and IP blocks provided by Synopsys and Cadence Design Systems.

• Co-Developing AI-Assisted Chip Design Tools: Synopsys and Cadence use NVIDIA’s hardware designs to train and refine their own AI-driven software design tools (e.g., using GPUs to accelerate chip floor-planning and logic synthesis). They then license these next-generation AI-assisted design suites back to the broader semiconductor industry.

• Expanding Silicon IP Portfolios: As NVIDIA pioneers new chiplet and high-speed interconnect architectures, EDA suppliers create standardized IP building blocks based on these implementations, selling them to startups and custom ASIC makers looking to emulate NVIDIA's success.

Strategic Summary: The Coattail Leverage Flywheel

NVIDIA's Unprecedented Demand 

Suppliers Receive Prepayments & Long-Term Contracts 

Suppliers Fund High-Margin R&D & Build Proprietary Capacity 

Suppliers Diversify & Sell Higher-Margin Tech to AMD, Custom ASIC Makers, & Cloud Giants

The Ultimate Play: Diversification and Balance of Power

The smartest suppliers realize that riding NVIDIA’s coattails is both a massive opportunity and a potential concentration risk. Consequently, the leading suppliers are using the massive cash flow generated from NVIDIA to fund R&D and capacity for NVIDIA's competitors:

• TSMC uses its NVIDIA profits to build out advanced capacity for Apple, AMD, and hyperscaler custom ASICs.

• SK Hynix and Micron use their HBM profits to build customized memory solutions for custom cloud chips (like Google TPUs or AWS Trainium).

• Cooling and server partners use their NVIDIA-validated reference designs to sell turnkey AI racks to enterprise customers running non-NVIDIA chips.

By reinvesting NVIDIA-fueled profits back into universal infrastructure, these suppliers ensure that regardless of which chip maker eventually wins long-term market share, the underlying supply chain remains indispensable.

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Could you give me a list of companies that are NIVIDIA's suppliers that might profit from all of this?

Because NVIDIA operates as a fabless chip designer, it outsources the physical manufacturing, memory integration, interconnects, cooling systems, and server assembly to an extensive global network of partners.

As NVIDIA’s shipments expand from individual GPUs to massive, liquid-cooled data center racks (like the Blackwell GB200 platforms), these suppliers capture significant high-margin business.

1. Semiconductor Manufacturing & Advanced Packaging

Without these partners, NVIDIA’s designs cannot be converted into physical silicon.

Company	Ticker / Exchange	Strategic Role for NVIDIA	Why They Profit
Taiwan Semiconductor (TSMC)	NYSE: TSM / TWSE: 2330	Primary Foundry & Packaging: Manufactures all of NVIDIA's flagship GPUs (3nm/4nm) and provides CoWoS 2.5D packaging.	Pricing Power & Guaranteed Utilization: Commands high margins on leading-edge wafers and charges premium rates for advanced packaging capacity.
Amkor Technology	NASDAQ: AMKR	Outsourced Assembly & Test (OSAT): Partners with TSMC to provide additional advanced packaging capacity for NVIDIA chips.	Packaging Overflow: Captures high-margin packaging demand that exceeds TSMC’s internal capacity.
ASML Holding	NASDAQ: ASML / EURONEXT: ASML	Monopoly Lithography Equipment: Supplies the Extreme Ultraviolet (EUV) machines TSMC uses to print NVIDIA's chips.	Upstream Monopoly: Every expansion of TSMC’s fabs for NVIDIA requires multi-hundred-million-dollar EUV machine orders from ASML.

2. High-Bandwidth Memory (HBM) Vendors

AI accelerators require ultra-fast HBM3E and HBM4 memory stacked directly alongside the GPU dies.

• SK Hynix (KRX: 000660): The early pioneer and dominant primary provider of HBM3E memory for NVIDIA's Hopper and Blackwell platforms. HBM margin profiles transformed SK Hynix from a traditional cyclical DRAM maker into a high-margin AI beneficiary.

• Micron Technology (NASDAQ: MU): Qualified as a key secondary HBM3E supplier for NVIDIA. Micron benefits from playing in a high-demand multi-source market where pricing power remains strong.

• Samsung Electronics (KRX: 005930): Actively scaling its HBM line to supply NVIDIA, offering vast manufacturing volume capacity.

3. High-Speed Interconnects, Cables & Connectors

As NVIDIA shifts to interconnecting tens of thousands of GPUs via NVLink and InfiniBand, physical cabling and copper/optical connectors become a huge profit pool.

• Amphenol Corporation (NYSE: APH): Supplies specialized high-density backplane connectors, NVLink copper busbars, and internal high-speed cabling for NVIDIA racks.

• TE Connectivity (NYSE: TEL) & US Conec: Supply high-current power connectors and high-speed optical/copper interconnect assemblies connecting the GPU boards to the rack busbars.

4. Power Electronics & Liquid Cooling / Thermal Management

Modern AI racks consume upwards of 120 kW per rack, necessitating a complete overhaul from traditional air cooling to direct-to-chip liquid cooling and ultra-dense power modules.

• Vertiv Holdings (NYSE: VRT): Provides data center infrastructure, including Coolant Distribution Units (CDUs), liquid-to-air heat exchangers, and uninterrupted power supply (UPS) units built specifically for high-density NVIDIA deployments.

• Delta Electronics (TWSE: 2308): Produces specialized 48V power supplies, voltage regulator modules (VRMs), and high-efficiency power converters that feed NVIDIA’s dense board architectures.

• CoolIT Systems (Private) & Asia Vital Components (AVC) (TWSE: 3017): Manufacture custom liquid cold-plates that sit directly on top of NVIDIA GPUs to route liquid coolant through the server loops.

• Texas Instruments (NASDAQ: TXN) & Infineon Technologies (OTC: IFNNY): Supply the multi-phase VRM chips, power MOSFETs, and power management ICs that stabilize power delivered directly to the GPU silicon dies.

5. Server Integration, Rack Cabinets & System Assemblers

NVIDIA delivers pre-designed reference architectures (like NVL72), but relies on Original Design Manufacturers (ODMs) and Original Equipment Manufacturers (OEMs) to build, wire, test, and ship the multi-ton racks.

• Foxconn / Hon Hai Precision Industry (TWSE: 2317): Assembles a massive share of NVIDIA’s liquid-cooled AI racks (GB200 platforms) and key internal circuit boards.

• Supermicro (Super Micro Computer) (NASDAQ: SMCI): Known for rapid time-to-market building plug-and-play liquid-cooled servers and GPU blocks built on NVIDIA reference designs.

• Quanta Computer (TWSE: 2382) & Wiwynn (TWSE: 6669): Major Taiwanese server ODMs that build custom AI rack systems using NVIDIA chips for major cloud providers like Microsoft, AWS, and Meta.

6. Electronic Design Automation (EDA) Software

Before a chip can be sent to TSMC, it must be simulated, laid out, and verified using highly specialized EDA software tools.

• Synopsys (NASDAQ: SNPS) & Cadence Design Systems (NASDAQ: CDNS): Possess a near-duopoly in EDA tools. NVIDIA uses their software suites to design billions of transistors, and in turn, Synopsys and Cadence sell AI-accelerated design features back to the wider chip market.

Strategic Takeaway

While NVIDIA commands the highest operating margins in the AI ecosystem, its supply chain partners profit by occupying un-bypassable bottlenecks:

1. TSMC and ASML profit off sheer manufacturing volume and hardware complexity.

2. SK Hynix and Micron profit off the structural transition from commodity DRAM to high-margin HBM.

3. Vertiv and Amphenol profit off the physical data center transition to liquid cooling and high-density networking.

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Source

Google Gemini