Why Has Caterpillar Stock Soared 184% in the Last 12 Months?

Caterpillar's stock has surged 184% over the past year, significantly outpacing the S&P 500's 25% gain. The company's power and energy division, which supplies reciprocating engines and generator sets to AI data centers, has become a major growth driver. With management projecting sales to triple between 2024-2030 and a 32-year streak of dividend increases, analysts believe the stock has further upside potential.