Big Tech's $735 Billion AI Bet Is Quietly Fueling Industrial Giants

The tech giants are expected to spend a massive $735 billion on AI data centers in 2026, but it's not just GPU and memory suppliers that stand to benefit. Caterpillar, Eaton, and GE Vernova are quietly collecting checks from big tech companies like Amazon, Microsoft, Alphabet, and Meta Platforms.

Caterpillar is supplying the equipment and power generation for these AI data centers, with its Power & Energy segment delivering $8.2 billion in revenue in the second quarter, up 17% year over year. Eaton is moving and managing the electricity, with data center revenue growing 65% within its Electrical Americas segment.

GE Vernova is helping to build the power generation and grid infrastructure behind these AI data centers, with data center orders reaching over $5 billion year-to-date, more than double its 2025 total. The company's Electrification revenue is guided to grow organically by 18% to 20%.

These industrial companies are essential to the build-out of AI data centers, but they're often overlooked in favor of chip stocks like Nvidia. However, with big tech spending hundreds of billions on AI initiatives, it's time to take a closer look at these quietly collecting checks.