Industrial Companies Reap Rewards from AI Infrastructure Wave

The tech industry's investment in artificial intelligence (AI) has been a hot topic lately, with major players like Amazon, Microsoft, Alphabet, and Meta Platforms pouring billions into AI-related projects. However, while these companies are grabbing headlines, another group is quietly benefiting from the AI boom, industrial companies.

Caterpillar, Eaton Corporation, and GE Vernova are three such companies that have seen significant growth in their power generation and electrical businesses due to the increasing demand for data centers. Caterpillar's Energy & Transportation segment revenue reached $8.2 billion in the second quarter, up 17% year-over-year, while Eaton posted record second-quarter results with total revenue of $8.5 billion, up 21% year-over-year.

Eaton's electrical business, closely tied to data center construction, generated $4.0 billion in revenue, a segment record, with organic growth of 18%, while data-center-related revenue surged 65%. GE Vernova, which specializes in turbines and grid equipment, saw orders double year-to-date, exceeding $5 billion, more than double the full-year total for 2025.