Caterpillar shares soar 104% in a year, outpacing Nvidia with strong AI infrastructure demand and record backlog.

Caterpillar's stock rose 104% over the past year, outperforming Nvidia's 50% gain, driven by strong demand for construction, mining, and AI infrastructure equipment. The company reported record 2025 sales of $67.6 billion and a $51.2 billion order backlog, signaling continued growth into 2026. While tariffs and a high valuation pose risks, Caterpillar's expanding services and pricing power provide stability, making it an attractive long-term investment beyond volatile tech stocks.