Caterpillar Shares Down, but Generator Order Backlog Stretches for Years -- WSJ

By Bob Tita

Caterpillar said orders for power generators popular with AI data-center developers extend into 2030, but the company's stock price was still sliding Thursday.

Shares were off about 8% near midday, after being down nearly 10% at the open. The construction- and mining-equipment maker's third-quarter sales came in slightly below expectations, but its profit topped analysts' estimates.

Investors have become increasingly nervous about companies' exposure to the high-flying data-center industry. The rapid proliferation of data-center projects is attracting more opposition from the public and some government officials calling for moratoriums on their construction.

Caterpillar's stock price is up nearly 26% since the start of the year on brisk sales of power generators to AI data centers.

Chief Executive Joe Creed said orders for some piston-driven generator engines run into 2029 while orders for bigger turbine engine generators stretch to 2030. "The backlog continues to grow, driven by increasing energy demand to support the data center build-out," Creed said during a conference call with analysts.

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October 29, 2026 12:28 ET (16:28 GMT)