Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **gas power equipment industry** and its role in supporting the anticipated **USD 5 trillion AI investment boom** by 2030, particularly in the context of **gas turbine demand** driven by hyperscaler capital expenditure (capex) plans for AI datacentres [2][12][19]. Core Insights and Arguments - **Gas Turbine Demand Surge**: Gas turbine orders are projected to reach **decade-high levels in 2025**, with US orders expected to be **2.5 times the average from 2019-2024** [2][36]. - **Pricing Power and Margin Upcycle**: Strong demand from AI and other applications is leading to a margin upcycle for suppliers, supported by high pricing power on new gas power equipment [3][21]. - **Broadened Market Demand**: The demand for gas power generation equipment is expanding beyond heavy-duty turbines to include medium-duty turbines, industrial turbines, and fuel cells due to long lead times for new heavy-duty gas turbine orders [4][39]. - **Capacity Expansion**: Major suppliers are ramping up capacity by approximately **30%** each, with an estimated **90GW of supply capacity** expected by 2029 [4][46]. - **Investment Ratings**: Out of nine gas power supply chain players covered, **eight are rated as Buy**, with **GE Vernova rated Hold**. Siemens Energy is highlighted as a well-valued diversified supplier [5][90]. Important but Overlooked Content - **Bottlenecks and Supply Chain Risks**: Potential bottlenecks in the supply chain, particularly for components shared with aerospace suppliers, have not yet materialized significantly, indicating a more stable supply environment compared to previous cycles [51]. - **Emerging Business Models**: The **Bring-Your-Own-Power (BYOP)** model is gaining traction among datacentre developers to accelerate power delivery timelines, reflecting a shift in how power needs are met [56][57]. - **Global Datacentre Power Demand**: Global datacentre workload is expected to rise from **95GW in 2025 to 205GW by 2030**, with the US accounting for **55% of this growth** [67][69]. - **Natural Gas as a Key Resource**: Despite the rise of renewables, natural gas is expected to play a crucial role in meeting the growing demand for baseload power, particularly in the US where it is abundant and cost-effective [19][20][82]. Conclusion - The gas power equipment industry is poised for significant growth driven by the AI investment boom, with strong demand for gas turbines and a favorable pricing environment for suppliers. The emergence of new business models and the ongoing capacity expansion among major players further support a positive outlook for the sector.

Core Points - CAT Strategic Metals Corporation has received approval for the listing of its 21NOV2030 Warrants, which will allow holders to acquire shares at an exercise price of $0.05 [1][2][3] - The listing date for the warrants is set for November 24, 2025, under the symbol CAT.WT [3] - The warrants will expire on November 21, 2030, and the transfer agent for these warrants is Odyssey Trust Company [3] Company Information - The issuer of the warrants is CAT Strategic Metals Corporation [3] - The warrants are categorized as a security type of Warrants [3] - Each warrant entitles the holder to acquire one share upon payment of the exercise price [1][2] Market Information - The Exchange is currently accepting Market Maker applications for the CAT.WT warrants [4]

Core Insights - Caterpillar Inc. and Deere & Company are leading players in the heavy machinery sector, with Caterpillar focusing on construction and mining, while Deere specializes in agriculture and forestry [1] - Caterpillar's market capitalization is approximately $257 billion, while Deere's is around $129 billion, indicating their significant roles in industrial and agricultural cycles [2] Caterpillar Overview - In Q3 2025, Caterpillar achieved record revenues of $17.6 billion, a 9.5% increase year-over-year, primarily due to a 10% rise in sales volume [2][8] - The company anticipates modest revenue growth for 2025, with projected revenues between $42 billion and $72 billion, and adjusted operating margins expected between 10% and 22% [3] - Caterpillar is poised to benefit from the U.S. Infrastructure Investment and Jobs Act, which is expected to drive demand for its construction equipment [4] - The company is also experiencing strong demand for reciprocating engines for data centers, planning to double output through a multi-year capital investment [5] - Caterpillar aims to increase service revenues from $14 billion in 2016 to $28 billion by 2026, capitalizing on high-margin aftermarket parts and services [6] Deere Overview - Deere has faced eight consecutive quarters of revenue declines, with lower earnings attributed to reduced volumes in agriculture and construction sectors [7] - The company expects a decline in sales volumes for 2025, with a projected net income between $4.75 billion and $5.25 billion, reflecting a 29.6% decrease from the previous year [9] - Despite current challenges, long-term demand for agricultural equipment is expected to rise due to global food demand and the need to replace aging machinery [11][12] Financial Estimates Comparison - Caterpillar's 2025 sales estimate is $66.11 billion, indicating a 2% year-over-year growth, while earnings per share are projected to decline by 16% [13] - Deere's 2025 sales estimate is $38.31 billion, reflecting a 14.4% year-over-year decline, with earnings per share expected to fall by 27.7% [14] Stock Performance and Valuation - Year-to-date, Caterpillar's stock has increased by 50.5%, compared to Deere's 12.4% gain [15] - Caterpillar trades at a forward earnings multiple of 25.51X, while Deere's multiple is 23.49X [16] - Caterpillar's return on equity stands at 47.16%, significantly higher than Deere's 21.97%, indicating more efficient use of shareholder funds [19] Investment Outlook - Caterpillar shows stronger momentum with rising volumes and renewed revenue growth, making it a more favorable investment compared to Deere, which faces near-term pressures [20][21]

Summary of CAT Strategic Metals Corporation Rights Expiration Core Point - CAT Strategic Metals Corporation's rights listed on October 28, 2025, will expire on November 21, 2025, with specific settlement terms for trades conducted on the expiration date [1][2]. Group 1: Rights Expiration Details - The rights will expire on November 21, 2025 [1][2]. - All trades on November 20, 2025, will settle for cash the next day, while trades on November 21, 2025, will settle for cash on the same day [1][2]. Group 2: Delisting Information - The rights will be halted at noon on November 21, 2025, and will be delisted at market close on the same day [1][2][3].

Market Overview - The Dow Jones Industrial Average increased by 5.67 points, or 0.0123%, reaching 46097.41, indicating a stable but mixed trading session [1] - Dow Futures showed a slightly positive sentiment, up 37.00 points, or 0.0801%, at 46221.00 [1] - The market's performance was driven by optimism in select technology and industrial sectors, countered by pullbacks in other areas [1] Key Gainers - Nvidia (NVDA) was the top gainer, rising 1.83% to $184.65, reflecting strong investor confidence in the technology sector [2] - Johnson & Johnson (JNJ) increased by 1.36% to $202.675, and Caterpillar (CAT) saw a 1.33% rise to $554.08 [2] - Cisco Systems (CSCO) and Sherwin-Williams (SHW) both advanced by 1.28% [2] Key Decliners - Boeing (BA) was the biggest loser, down 2.97% to $184.125, facing significant selling pressure [3] - Salesforce (CRM) experienced a drop of 2.36% to $227.75, while UnitedHealth Group (UNH) declined by 1.93% to $307.12 [3] - Merck & Co. (MRK) fell 1.62% to $94.72, and Microsoft (MSFT) decreased by 1.47% to $486.27 [3] - The performance divergence among these stocks indicates a selective market environment influenced by company-specific news and sector rotations [3]

Core Insights - Caterpillar Inc. (CAT) and Vertiv (VRT) have formed a partnership to develop advanced energy optimization solutions for data centers, focusing on integrating power distribution and cooling systems with Caterpillar's expertise in power generation and CCHP [1][11] Group 1: Partnership Details - The collaboration aims to address the increasing demand for reliable and efficient on-site energy systems, providing pre-designed architectures that simplify deployment and enhance data center performance [2][5] - Caterpillar and its subsidiary Solar Turbines will supply power generation solutions, including natural gas turbines and reciprocating engines, to deliver scalable electric power and thermal energy for CCHP [3][11] - Vertiv will contribute its modular, pre-designed power and cooling solutions, which are designed to shorten design cycles and standardize deployment [3][11] Group 2: Market Context - The need for robust power and cooling infrastructure has intensified due to the rise of AI-driven workloads, prompting the collaboration to offer coordinated, customer-first solutions [5] - In August, Caterpillar also entered a long-term strategic collaboration with Hunt Energy Company to meet the growing power needs of data centers, leveraging over 190 years of combined industry experience [6] Group 3: Financial Performance - Caterpillar's stock has increased by 50.7% this year, outperforming the industry growth of 15.2% [10] - The current forward 12-month price/earnings (P/E) ratio for Caterpillar is 25.96X, compared to the industry average of 24.75X [12] - The Zacks Consensus Estimate indicates a year-over-year decline of 16% in Caterpillar's earnings for 2025, followed by an expected growth of 18.8% in 2026, with recent earnings estimates showing upward revisions [13][16]

When one of Caterpillar’s smaller businesses got a boost in orders from builders of the massive data centers that house AI servers, investors got starry-eyed about the stock’s prospects. That's too optimistic, says the lone bearish analyst https://t.co/0QL85U76zb ...

Group 1 - Caterpillar has become a significant beneficiary of the AI revolution, with shares rising nearly 10% following strong third-quarter results that reflect increasing demand for backup power and energy storage solutions [1][2] - The company is experiencing momentum within a broader context of robust industrial spending, particularly in sectors related to electricity consumption driven by AI [2] - Caterpillar's market capitalization exceeds $258 billion, positioning it as a major player in the U.S. industrial sector [3] Group 2 - Over the past 12 months, Caterpillar's stock has traded between $267.30 and $596.21, currently priced around $548, indicating substantial growth compared to traditional industrial stocks [4] - Despite a recent 3% decline in stock price over the last five days, the overall trend reflects investor confidence in long-term infrastructure investments related to data centers [4]

Core Insights - The article discusses a new strategic agreement between Vertiv and Caterpillar aimed at enhancing data center efficiency and resilience through integrated energy solutions [1] Company Collaboration - Vertiv, a leader in critical digital infrastructure, and Caterpillar, a leader in power systems, will collaborate on advanced energy optimization solutions specifically for data centers [1] Industry Impact - The partnership is expected to improve deployment timelines and overall operational efficiency within the data center industry, addressing the growing demand for reliable energy solutions [1]

Market Performance - Major U.S. indexes showed mixed performance last week, with the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average declining by 2.7%, 1.4%, and 0.5% respectively [1] - Investors are shifting focus from high-valuation technology and AI stocks to more defensive sectors due to market volatility [1] Federal Reserve and Economic Data - The end of a 43-day government standoff has reduced political risks, but delays in key economic data releases have created uncertainty for the Federal Reserve and investors [2] - The Fed is balancing economic growth and inflation, with inflation remaining above the 2% target and a resilient labor market casting doubt on December rate cut expectations [2] Zacks Research Performance - Zacks Research has provided guidance that led to significant stock performance, with Macy's shares increasing by 14.9% since its upgrade to Zacks Rank 1 on September 18, outperforming the S&P 500's 2.2% increase [3][4] - Fresnillo plc also saw a 7.2% return since its upgrade to Zacks Rank 1 on September 19, compared to the S&P 500's 1.8% increase [4] Zacks Model Portfolio Returns - A hypothetical portfolio of Zacks Rank 1 stocks returned +8.64% in 2025 through September 1, outperforming the S&P 500's +7.60% [4] - The Zacks Model Portfolio has outperformed the S&P 500 index by over 12 percentage points since 1988, with an annualized average return of +23.8% compared to +11.3% for the S&P 500 [5] Specific Stock Performances - United Natural Foods, Inc. (UNFI) shares increased by 32.4% after its Zacks Recommendation was upgraded to Outperform [7] - Caterpillar Inc. (CAT) gained 35.9% over the past 12 weeks, while CACI International Inc. (CACI) returned 20.1% during the same period [10] Earnings Certain Admiral Portfolio (ECAP) - The ECAP returned -1.30% in Q3 2025, underperforming the S&P 500's +8.1% gain, and +2.72% year-to-date compared to the S&P 500's +14.84% [15] - The portfolio aims to minimize capital loss by holding shares of companies with a proven track record of earnings stability [16] Earnings Certain Dividend Portfolio (ECDP) - Johnson & Johnson (JNJ) returned 10.9% over the past 12 weeks, while UnitedHealth Group (UNH) increased by 5.9% [18] - The ECDP returned -0.01% in Q3 2025, underperforming the S&P 500's +8.1% gain [20] Top 10 Stock Portfolio - MasTec, Inc. (MTZ) has jumped 41.2% year-to-date, outperforming the S&P 500's 14.7% increase [22] - The Top 10 portfolio has produced a cumulative return of +2,553.1% since 2012, significantly outperforming the S&P 500's +545.2% [24]