During the Gold Rush, legend had it that the best way to get rich wasn’t by panning for gold, but by selling “picks and shovels” to the miners. And there’s no better example of that strategy in action today than at Caterpillar. There, the maker of massive mining and earthmoving equipment and iconic yellow construction site gear is capitalizing on the AI boom and seeing record stock highs and solid revenue growth.
Shares of the company have climbed to record levels in recent weeks, pushing its market capitalization sharply higher—from $270 billion at the end of 2025 to approximately $364 billion as of Feb. 13, 2026. The stock, which has more than doubled over the past 12 months to an all-time high of $775, has vastly outperformed such tech behemoths as Apple (up 8%) and Microsoft (up about 1%) during that time period. And investors are betting that Caterpillar’s growing exposure to data centers, energy infrastructure, and AI-related demand hasn’t peaked yet. In fact, over the past 12 months, Caterpillar has ranked as the No. 1 best performer in the Dow.
While Caterpillar is well known for its bright yellow construction site vehicles, it has greatly broadened its business mix to include energy and power systems, and resource and mining equipment. Caterpillar CEO Joseph Creed first joined the company in 1997 and has served in various roles, including CFO for the energy and transportation segment and interim CFO. Creed was named Caterpillar’s chief operating officer in 2023 and became CEO in May 2025.The company’s strategy is “centered on three pillars for profitable growth: commercial excellence, being the advanced technology leader, and transforming how we work—all built upon a foundation of continued operational excellence,” Creed said on a Jan. 29 earnings call.
