Caterpillar Soars as Data Centers Lift Power Equipment Sales
Caterpillar Inc. shares soared the most in 16 years after the company posted stronger-than-expected earnings and revenue on the back of surging demand from AI data centers for its power-generation...
By Bloomberg Markets · Bloomberg Markets
Caterpillar Inc. shares soared the most in 16 years after the company posted stronger-than-expected earnings and revenue on the back of surging demand from AI data centers for its power-generation equipment. The US company topped Wall Street’s expectations in the third quarter after posting a 17% jump in revenue from its energy and transportation division from the year-earlier period. That outpaced sales growth in its more traditional divisions that supply mining and construction industries with heavy-duty machinery. Bloomberg's Chris Ciolino reports. (Source: Bloomberg)