Forget the Industry Labels: Chevron and Caterpillar Are Both Betting on the AI Power Boom. Which 30+ Year Dividend Grower Wins?

Caterpillar and Chevron are both positioning themselves to provide electricity to AI data centers, but through different business models. Caterpillar currently has the advantage with a record $72 billion backlog for generators, while Chevron is building long-term recurring revenue through power contracts like its Microsoft deal. For dividend investors, Chevron's 3.5% yield and sustainable revenue model may be more attractive than Caterpillar's lower 0.8% yield, despite Cat's current momentum.