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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Todd Shriber, The Motley FoolSun, March 1, 2026 at 4:50 PM GMT+1 4 min readAs the largest construction equipment manufacturer, Caterpillar (NYSE: CAT) is quite literally a purveyor of picks and shovels. Well, the costly kind. The company's large and extra-large excavators can cost between $500,000 and $1.2 million each. Even at the low end, that's more than the median home price in the U.S. Yet even at those price points, Caterpillar has a receptive audience among data center builders, leveraging the industrial stock to the artificial intelligence (AI) trade. Those ties are a big reason why the stock is up 124% over the past year and is now the second-largest member of the price-weighted Dow Jones Industrial Average. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »Caterpillar can extend its winning ways and it's not all about data centers. Image source: Getty Images.At this point, Caterpillar's AI ties are well documented and were a big reason the company posted record revenue in the fourth quarter, and is sitting on a $51 billion order backlog. So it's reasonable for investors to ponder if this industrial stock can keep rolling this year and beyond. It can and, importantly, there may be contributions from outside the data center space.While data centers add glamour to the Caterpillar investment thesis, the company's exposure to the commodities mining sector remains a source of allure. There's a data center tie-in there, too, because copper is essential in wiring those facilities, and copper miners need the equipment produced by Caterpillar.Fortunately, there's more than just AI underpinning global commodities demand. Industrial metals and rare-earth minerals are critical in the production of a variety of clean energy products, including solar panels and wind turbines. As more countries adopt carbon-reducing policies, miners are incentivized to extract related materials from the earth, which means they need the gear manufactured by Caterpillar.The industrial company is showing that mining remains a vital part of its long-term growth story. On Feb. 17, Caterpillar announced the acquisition of RPMGlobal, a move aimed at bolstering Caterpillar's mining software and technology stacks. Don't forget gold mining. The yellow metal is on a blistering pace, and those higher prices could compel miners to increase activity. Through a partnership with Newmont, Caterpillar has some exposure to that theme. Importantly, gold miners have strong balance sheets, suggesting they can afford Caterpillar's pricey equipment.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,878.88 -29.98 (-0.43%)Dow 3048,977.92 -521.28 (-1.05%)Nasdaq22,668.21 -210.17 (-0.92%)Russell 20002,632.36 -44.93 (-1.68%)VIX19.86 +1.23 (+6.60%)Gold5,247.90 +53.70 (+1.03%)Trending tickersBTC-USD Bitcoin USD 66,937.49 +2,156.79 (+3.33%)ETH-USD Ethereum USD 1,996.76 +100.88 (+5.32%)XRP-USD XRP USD 1.38 +0.06 (+4.40%)SOL-USD Solana USD 85.73 +4.88 (+6.03%)BTC-CAD Bitcoin CAD 91,359.64 +2,943.69 (+3.33%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 84.23 +30.54 (+56.88%)BWIN The Baldwin Insurance Group, Inc. 23.23 +4.74 (+25.64%)FIGS FIGS, Inc. 15.45 +2.98 (+23.90%)DELL Dell Technologies Inc. 148.08 +26.63 (+21.93%)PSKY Paramount Skydance Corporation 13.51 +2.33 (+20.84%)Top losersRUN Sunrun Inc. 13.25 -7.17 (-35.11%)FIGR Figure Technology Solutions, Inc. 25.28 -8.76 (-25.73%)CRWV CoreWeave, Inc. 79.56 -18.07 (-18.51%)ACA Arcosa, Inc. 107.48 -20.02 (-15.70%)TPC Tutor Perini Corporation 75.37 -14.01 (-15.67%)Most activeNVDA NVIDIA Corporation 177.19 -7.70 (-4.16%)NFLX Netflix, Inc. 96.24 +11.63 (+13.75%)SOFI SoFi Technologies, Inc. 17.76 -1.34 (-7.02%)PLUG Plug Power Inc. 1.7900 -0.1200 (-6.28%)NU Nu Holdings Ltd. 14.98 -0.08 (-0.53%)Top economic eventsEarnings eventsMy earnings eventsEarnings events