Home Stock Ideas Long Ideas Industrial  Summary I like simple stories. AI needs power fast, and Caterpillar can help solve that bottleneck. I’m not surprised by CAT’s rerate over the past year, as the market now sees this once-boring cyclical stock as a key player in AI power (both backup and primary). That said, the Power Generation segment was only 16.2% of Q1 sales. I like its 41% YoY growth, but I want to see more concentration over the next quarters. The record $63B backlog, up 79% YoY, shows strong demand. That said, either the Street is underestimating CAT’s growth, or backlog conversion may take longer than bulls expect. I remain bullish on Caterpillar, even though I favor some of its peers. TAMER YILMAZ/iStock via Getty Images I don’t know about you, but every time I see a bottle now, I look at the neck first. Bottlenecks have become one of those things I cannot unsee anymore. Wine bottle, water bottle, AI data center buildout. Same idea, right?…