Chevron vs Caterpillar: Who's Winning the AI Power Boom?

Chevron and Caterpillar are taking advantage of the growing demand for reliable power in artificial intelligence (AI) data centers.

Caterpillar, a leading industrial company, is currently well-positioned to provide this power due to its expertise in generators, which can be used as backup or primary power sources in remote locations. Its backlog has reached a record $72 billion, up 92% year-over-year by the end of the second quarter of 2026.

Chevron, on the other hand, is taking a longer-term approach by building a natural gas power plant dedicated to serving a data center with Microsoft. This deal comes with a 20-year power contract and highlights Chevron's goal of creating a consistent revenue stream for decades to come.