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Caterpillar Inc. (NYSE:CAT) CEO Joe Creed isn't talking about construction sites anymore — he's talking about data centers. The man behind the world's biggest bulldozers says the next big buildout isn't in dirt but in digital power, as AI's energy hunger opens a multibillion-dollar market for Caterpillar's generators and service network.
On Caterpillar's third-quarter earnings call, Creed made it clear the company isn't sitting out the AI revolution.
"We're definitely really excited about the Prime Power opportunity with data centers and the demand they're putting on the grid. We're going to see a lot more of this," he said.
"Prime power" refers to the massive diesel and gas generator systems that keep hyperscale data centers running when the grid can't keep up. As AI models demand unprecedented compute and electricity, these backup systems are fast becoming essential infrastructure—and a new revenue engine for Caterpillar.
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Creed added that, beyond equipment sales, the company sees a long runway in recurring services tied to data center power management. "Prime power is a great opportunity for us because it creates a services opportunity as we move forward.”
That recurring angle matters. Data centers require constant maintenance, monitoring, and servicing — exactly the kind of sticky, high-margin business that investors love.
And with global AI data center capacity set to triple by the end of the decade, the demand curve looks powerful.
Caterpillar's pivot to AI-era infrastructure gives the stock a new leg of growth beyond traditional construction and mining cycles.
As Nvidia Corp (NASDAQ:NVDA) fuels the AI chip race, Caterpillar could end up supplying the power that keeps that race running. Forget bulldozers — the real heavy lifting might now be happening in server racks.
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