Thanks to the massive buildout of AI data centers, the construction, mining and engineering equipment giant is booking customers faster than 4 Charles Prime Rib. But despite its latest earnings beat, some notable analysts and investors say Caterpillar isn’t giving them butterflies. The construction division, the provider of equipment to build those data centers, reported sales of $8.4 billion in the quarter, a 35% increase. A new Florida law bans public utilities from passing on the costs of serving large data centers to consumers. According to data compiled by investor Will Manidis, 18 of the 50 US states have restricted or are advancing legislation to restrict data centers, and another 16 are considering it.