European Industrial Firms Gain From AI Infrastructure Demand

European industrial and chemical companies are emerging as secondary beneficiaries of the artificial intelligence boom by supplying critical infrastructure for chipmakers and data centers. Firms specializing in vacuum pumps, heat exchangers, and specialty gases are reporting growth in divisions that provide liquid cooling systems and industrial gases, as investors seek exposure to the AI supply chain beyond primary chipmakers.

This AI-driven demand is currently offsetting economic weakness in other sectors, specifically residential housing and automotive manufacturing. Several companies have made strategic moves to capture this growth, including Air Liquide SA, which invested $170 million in an SK Hynix Inc. facility in Indiana. Similarly, Johnson Matthey Plc acquired Comertech Inc. to address the increasing power-generation demands of U.S. data centers.

Other key contributors to this supply chain include Atlas Copco AB, which provides vacuum pumps and exhaust management systems, and Alfa Laval AB, which supplies heat exchangers and liquid cooling systems. Belimo Holding is also providing critical liquid cooling valves, while Wacker Chemie continues its role as the largest producer of semiconductor-grade polysilicon.