Caterpillar (CAT) stock surged Thursday morning after the industrial machinery giant reported higher profits as demand for its power-generation equipment surged amid the build-out of AI data centers. The company reported an adjusted profit of $5.16 per share for the quarter, up from $5.14 ⁠per share a ‌year earlier. Revenue increased to $19.1 billion from $16.2 billion a year ago. Those figures were above Wall Street's expectations of $4.71 earnings per share and revenue of $17.7 billion, according to S&P Global Market Intelligence. Its order backlog grew by $11.3 billion quarter over quarter to hit a record high of $51.2 billion worth of equipment, as demand for equipment like natural gas turbines and electricity transformers piled up.