In its Q2 2026 investor letter, Auxier Asset Management highlighted that the industrial sector was the strongest performing during the quarter. The firm noted that tech-facing industrial players, including Caterpillar Inc. (NYSE:CAT), indirectly benefited from the expansion of AI infrastructure, particularly through increased demand for energy generation and cooling capacity in data centers. Caterpillar shares have risen 77.23% over the past year, though they declined 7.12% in the last month, closing at $784.00 on September 14, 2026.