Caterpillar Stock Soars on Record Quarter Fueled by AI Data Center Demand

Caterpillar shares surged over 6% on Tuesday after reporting record second-quarter results, driven largely by surging demand for construction and mining equipment tied to the buildout of AI data centers.

The company's Construction Industries segment posted sales growth of 35%, with North American construction demand increasing 50%. The Power & Energy segment grew revenue by 17%, with power generation sales climbing 29%.

Caterpillar reported second-quarter sales and revenue of $20.5 billion, up 24% from the same period last year. Adjusted earnings per share came in at $8.17, exceeding analysts' expectations.