Caterpillar downgraded as data center backlash grows, raising questions for crypto miners pivoting to AI

Caterpillar had been riding the AI wave like it was wearing a wetsuit. The heavy equipment maker, best known for bulldozers and excavators, became a Wall Street darling as investors priced in massive demand from the data center construction boom. That story just hit a speed bump. Baird analyst Mig Dobre downgraded Caterpillar on July 29, citing something that’s harder to engineer around than bedrock: people who don’t want data centers in their backyards. The NIMBY problem goes industrial-scale In the first quarter of 2026, local pushback delayed or outright blocked 75 data center projects collectively valued at roughly $130B. Maine enacted a full moratorium on data center development in April 2026. North Carolina, Virginia, and Indiana have pursued similar legislative measures. The complaints are consistent across geographies: electricity costs spike, water consumption surges, noise levels climb, and land gets gobbled up by windowless concrete boxes that employ relatively few people. What this means for Caterpillar’s data center bet Caterpillar positioned itself as critical infrastructure for the AI buildout. The company supplies power generation engines, turbines, and construction...