Caterpillar’s Lone Bear Says Machinery Maker Is No AI Darling

Caterpillar Inc. was always an unlikely winner in the artificial intelligence craze. It makes the bulk of its money selling the equipment like yellow earth movers that has made it a stalwart of American industry.

But when one of its smaller businesses — backup generators — got a boost in orders from builders of the massive data centers that house AI servers, investors got starry-eyed about the stock’s prospects.