$CAT

ABOUT THOSE BACKLOGS The Industrials complex has never had backlogs like this. Datacenter spend is why. GE Vernova. Caterpillar. Eaton. Vertiv. All of them. Most retail investors treat this as a separate thesis. "AI infrastructure." "Power buildout." "Picks and shovels." It's not. It's a bet on OpenAI's next funding round. Here's the trade that already happened. Microsoft and Oracle corrected. Despite massive backlog growth. Despite RPO at all-time highs. Why? Because the market started questioning the source of those bookings. OpenAI capex commitments. Anthropic capex commitments. Frontier lab spend that depends on continuous capital markets access. If OpenAI can't raise the next round at the next valuation... the backlog is just paper. Now follow the dollar. OpenAI pays Micros