Caterpillar: Solving AI's Time-To-Power Bottleneck, But I'm Buying Its Rivals Instead

I like simple stories. AI needs power fast, and Caterpillar can help solve that bottleneck. I'm not surprised by CAT's rerate over the past year, as the market now sees this once-boring cyclical stock as a key player in AI power (both backup and primary). That said, the Power Generation segment was only 16.2% of Q1 sales. I like its 41% YoY growth, but I want to see more concentration over the next quarters.