In its second-quarter 2026 investor letter, Platinum Asset Management noted that Caterpillar Inc. (NYSE:CAT), a manufacturer of construction and mining equipment, has performed strongly. Although steel tariffs caused profits to decline by 14%, demand for the company’s products is picking up. Its engines and turbines are in high demand—and price-insensitive—in the data center, mining, and energy sectors, while the construction industry is also showing signs of recovery.