Caterpillar Emerges as Unlikely AI Winner on Turbine Demand

The hunt for winners in the artificial intelligence gold rush has landed on an unlikely target: old-line industrial equipment maker Caterpillar Inc.

The iconic American company, known for its yellow excavators and bulldozers, closed September at an all-time high as investors bet AI’s nearly insatiable demand for electricity will fuel orders for one of Caterpillar’s lesser-known products — power-generation turbines.