Caterpillar (CAT) beat expectations and raised its sales outlook. Marley Kayden examines the company's record equipment backlog and strong order rates as Caterpillar's momentum builds across its core construction, power and energy, and resource industries segments. She notes Caterpillar's growing role in the artificial intelligence (AI) infrastructure build-out, particularly in providing power generation equipment for data centers. Later, Tim Biggam offers an example trade, illustrating a bullish put vertical for Caterpillar.