Caterpillar (CAT): A Record Quarter—and a Broken Neckline

Caterpillar is no longer just about yellow excavators: in 2026, the market reevaluated the company as a key player in the energy sector for artificial intelligence, and over the course of the year, its stock price roughly doubled. The first quarter in history with revenue exceeding $20 billion, an order backlog of $72 billion—and at the same time, a wave of rating downgrades, the first moratorium in the U.S. on data center construction, and a valuation nearly double its own ten-year average. Let’s break down what matters most for the stock price right now.