Caterpillar Shares Surge More Than 160% on AI Infrastructure Demand

Caterpillar is a major U.S. manufacturer of construction machinery and power equipment. As global cloud giants step up investment in AI data centers, rising demand for power, civil engineering and backup systems has transformed the company from a traditional cyclical stock into an AI infrastructure play drawing growing market attention.

Caterpillar's first-quarter 2026 results beat market expectations, while its backlog reached a record high, showing that demand for AI data center equipment continues to translate into business momentum. As of the publication of the related reports, its shares had climbed more than 160% over the previous 12 months, making Caterpillar a surprise standout among AI infrastructure stocks.