Data-Center Buildout Reshapes Caterpillar’s Heavy-Equipment Demand

Caterpillar’s Q3 Power Generation sales rose 30%, mainly on data-center turbines and engines, making Power & Energy its largest segment. Tariff recoveries supported profit while tariff costs persisted; backlog conversion and demand durability remain unclear. Mitsubishi Power’s planned $490 million U.S. turbine-parts expansion is another industrial-capacity signal, but announced investment is not yet realized output.