A recent filing from the Bill Gates-owned Gates Foundation Trust has revealed that the foundation holds billions of dollars worth of shares in Caterpillar, a company now being seen by some investors as an important player in the growing AI infrastructure market. According to the latest 13F filing, the Gates Foundation Trust owns more than 6.3 million shares of Caterpillar, valued at around $3.6 billion. The investment makes Caterpillar one of the Gates Foundation’s biggest holdings outside of Microsoft and Berkshire Hathaway.
Caterpillar shares jump 183% in one year
Caterpillar shares have seen a strong rally over the past year. The stock has jumped around 183% in the last 12 months and was trading above $900 earlier this month. In the first quarter of 2026, Caterpillar’s Power Generation revenue rose 41% to $2.817 billion. Caterpillar reported Q1 2026 revenue of $17.415 billion, up 22% year-over-year, with earnings per share of $5.54. The company said sales were helped by strong demand for large engines and turbines used by data centers.While Caterpillar is mainly known for construction and mining equipment, the company is increasingly gaining attention for its role in powering AI data centers. Its Power Generation business, which sells large engines and backup power systems, reported strong growth driven by demand from data center customers.The company is also using AI in its own operations. Caterpillar’s MineStar and Cat Command systems support autonomous mining trucks and remote-controlled heavy equipment using AI and computer vision technology. Its Cat Connect platform also uses AI and machine learning for predictive maintenance.
Gates Foundation announces job cuts
Recently, the foundation sent a memo to its staff informing them to cut up to 500 jobs, or roughly 20% of its workforce. According to a WSJ report, the memo was sent by Gates Foundation CEO Mark Suzman who said: “This is a challenging time for our organization in many ways, but it also highlights the critical importance of taking the tough actions now”.