Chevron and Caterpillar Gear Up for the AI Power Boom

Chevron and Caterpillar are not just ordinary companies - they're also vying for a slice of the AI power boom.

As electricity demand soars, these industrial giants are positioning themselves to provide reliable power to AI data centers. Caterpillar's generators can be used as backup or primary power in remote locations, and it has seen its backlog surge by 92% year-over-year to a record $72 billion at the end of the second quarter of 2026.

Chevron, on the other hand, has inked a deal with Microsoft to build a natural gas power plant dedicated to serving a data center. While Caterpillar sells discrete industrial items like backhoes and generators, Chevron is aiming for consistent revenues year in and year out for decades.