100-Year-Old Caterpillar is Now an AI Darling: Fortune

During the Gold Rush, legend had it that the best way to get rich wasn’t by panning for gold but by selling “picks and shovels” to miners.

There may be no better modern example of that strategy than Caterpillar.

The maker of massive mining and earthmoving equipment and iconic yellow construction gear is capitalizing on the AI boom, seeing record stock highs and solid revenue growth, Sheryl Estrada reported for Fortune.

Shares have climbed to record levels in recent weeks, pushing market capitalization sharply higher — from $270 billion at the end of 2025 to approximately $364 billion as of Feb. 13, 2026.

The stock has more than doubled over the past 12 months to an all-time high of $775, vastly outperforming tech giants such as Apple (up 8%) and Microsoft (up about 1%) over the same period.

Over the past 12 months, Caterpillar has ranked as the No. 1 performer in the Dow.

While Caterpillar is well known for its bright yellow construction vehicles, it has broadened its business mix to include energy and power systems, as well as resource and mining equipment.

Caterpillar CEO Joseph Creed joined the company in 1997 and has served in various roles, including CFO for the energy and transportation segment and interim CFO.

He was named chief operating officer in 2023 and became CEO in May 2025.

The company’s strategy is “centered on three pillars for profitable growth: commercial excellence, being the advanced technology leader, and transforming how we work — all built upon a foundation of continued operational excellence,” Creed said on a Jan. 29 earnings call.