Caterpillar (CAT) stock surged 96% between August 2025 and August 2026, following record order backlogs driven primarily by AI-related data center demand. The company reported a $5 billion organic backlog increase in Q1 FY2025, reaching a total of $35 billion, which then grew to a new high of $37.5 billion in the subsequent quarter. Management attributed this growth to increased power demand from data centers supporting cloud computing and generative AI, extending the AI boom from a software story to power-intensive infrastructure.