Analysis Caterpillar's Physical-AI Deal Is About Watching, Not Driving Caterpillar is putting FieldAI's robot foundation models to work on inspections, digital twins and situational awareness. No terms, no timeline, no machine named — and read the list of applications carefully, because not one of them operates a machine. Hugo Pegley · Sep 11, 2026
Analysis Texas Paused 474 Gigawatts of Grid Requests. The Next Day, Caterpillar Had Its Best Quarter Ever. On August 3, Governor Abbott ordered an audit of every data center in ERCOT's interconnection queue. On August 4, Caterpillar posted a record $20.5 billion quarter on data center demand and raised guidance. Both facts are true, and the gap between them is the whole story. Hugo Pegley · Aug 18, 2026
Analysis New York Paused Data Center Permits. Fifteen Days Later, an Analyst Cut Caterpillar. Executive Order 62 froze state permitting for data centers of 50 MW and up. On July 29, Baird downgraded Caterpillar and cut its target from $1,200 to $900, naming that moratorium. The constraint on the AI buildout is turning out to be permitting, not power. Hugo Pegley · Jul 30, 2026
