Caterpillar, maker of construction equipment and generators, has posted a 92.4% one-year return riding the AI data-center construction and power-infrastructure buildout boom. Growth (A) stands out.

Valuation (C-, ~35x P/E) has already moved into fairly demanding territory for a cyclical industrial. As a company whose results have historically swung heavily with the economic cycle, it's worth carefully assessing whether the current strength reflects a structural AI-infrastructure growth story or simply a cycle nearing its peak.