Caterpillar Inc. (CAT)[Tv]

Key Developments

• Caterpillar secured a landmark 2.7-gigawatt, 20-year natural gas power agreement with Chevron and Microsoft for Project Kilby in West Texas, marking its most consequential role yet in AI infrastructure and embedding the company as a foundational supplier of dispatchable power for mission-critical data centers.
• Caterpillar announced a strategic pivot to triple its large engine production capacity and grow Power Generation sales more than threefold by 2030, signaling a fundamental shift from a cyclical industrial OEM to a long-term infrastructure enabler in the AI era.
• Caterpillar’s Power Generation segment posted record Q1 2026 sales exceeding $7 billion, up 22% year-over-year, driven by a $2.1 GW gas generator deal with PROPWR and surging demand from hyperscalers, validating its new growth engine.
• Caterpillar reached a 52-week high of $1,073.46 and built a record $62.7 billion backlog, reflecting strong institutional confidence and momentum around its AI infrastructure narrative, with a YTD rally of 85.9%.
• Michael Burry revealed a major short position in Caterpillar at $1,060.98, triggering a 6% intraday sell-off and making CAT the largest decliner in the Dow—exposing a growing speculative risk in its elevated valuation.