Caterpillar has increased its revenue, profit margin, and capital expenditure targets for 2024-2030, aiming for a 5%-7% sales growth rate through 2030 and $30 billion in services revenue per year. The company’s adjusted operating profit margin target has also been raised to 21%-25% at $100 billion in sales. Shares in Caterpillar are up 70% in the past six months due to high demand for machinery for AI data centers. The company plans to double capital expenditures and increase gas turbine capacity for energy needs. In the third quarter, Caterpillar saw a 33% increase in sales for power generation machinery.

The Industrials sector, including Caterpillar, is up 15% this year, with the rise attributed to the AI boom. Honeywell also reported strong earnings, noting demand for data centers as a positive factor.

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