Caterpillar reports record orders as AI fuels construction equipment demand

Caterpillar Inc. announced second‑quarter 2024 results showing revenue of $20.54 billion, up 24%, with new orders of $9.4 billion and a record backlog of $72.1 billion. The company said the strongest growth came from construction‑industrial and energy‑power segments tied to the building of AI data centers, which require extensive land‑clearing, building work and backup power generation. Caterpillar highlighted AI‑driven demand as a new growth engine and its stock rose about 12% after the release.

In parallel, Strutt Technology (若创科技), a Singapore‑registered AI‑enabled robotics firm with R&D and supply‑chain bases in China’s Greater Bay Area, completed a Pre‑A+ financing round that brings total funding close to $1 billion. The round, backed by leading mobility‑tech investors and a major Chinese internet fund, will support development of its first personal mobility robot, the EV1 (branded “昂首 EV1” in China), slated for market launch in the second half of 2026. The EV1 combines multimodal sensors, four‑motor active steering and independent suspension to operate indoors, on public streets and on varied terrain. The company has already begun limited deliveries and reports a low return rate, with sales already reaching dozens of countries, initially focusing on Europe and the United States before a localized rollout in China.