CAT is has a deep catalog of power systems [https://www.cat.com/en_US/products/new/power-systems/electri...] which are being used to power data centers. It is a similar rise to other stocks like GE Vernova.

A datacenter needs electrical switchgear, UPSes for short term backup, generators for long term backup, and cooling equipment. All of these items plus the labor to install them (along with piping, wire, conduit) account for probably 90%+ of the cost of the buildout.

CAT sells diesel generators and gas turbine generators which are needed by every data center. There are two mature generator manufacturers in the US (Cummins and CAT) plus Generac (yes I’m aware of MTU/Kohler/etc) and their backlog is long enough that Amazon bought part of Generac.

It’s a gold rush, they sell the shovels (for all the data center construction).