The hunt for winners in the artificial intelligence gold rush has landed on an unlikely target: old-line industrial equipment maker Caterpillar Inc.

The iconic American company, known for its yellow excavators and bulldozers, closed September at an all-time high as investors bet AI’s nearly insatiable demand for electricity will fuel orders for one of Caterpillar’s lesser-known products — power-generation turbines.

AI initially fueled dizzying rallies in chipmakers and software firms. Then, as the power demands became clear, a boom in shares of utilities and builders of data centers. Now, investors are moving further afield in search of beneficiaries from the hundreds of billions of dollars flowing into the buildout of the AI economy.

“You just saw a market that was thirsty for non-Magn

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