Barometer Capital Management, in its Q2 2026 investor letter, noted that Caterpillar Inc. (NYSE:CAT) was a key contributor to its Industrials portfolio. The firm attributed Caterpillar's performance to broad-based demand across construction and mining, tied to the resource cycle, and a growing contribution from its energy and transportation business, particularly engines and gensets used for data center power. Caterpillar shares closed at $815.56 on September 09, 2026, and have surged 89.06% over the past year.