Advanced Micro Devices disclosed a 6-gigawatt GPU partnership with Meta in February 2026. Seven weeks later, Broadcom announced a multi-gigawatt extension covering Meta's custom MTIA silicon. Both companies' IR press releases — sourced directly from SEC-registered feeds — land in the same 90-day window as four additional gigawatt-scale AI-infrastructure partnerships from NVIDIA and Caterpillar. For retail investors tracking who's winning hyperscaler AI spending, Meta's two chip picks tell a specific story.
Caterpillar grew revenue 4.3% to $67.6 billion in FY 2025, but every new dollar destroyed $0.69 of operating profit — an incremental margin of -69.1%. Buried inside the collapse: a $3.5 billion capex concentration in Power & Energy while Construction Industries hemorrhages pricing power. The filing reveals two fundamentally different businesses sharing one ticker, one balance sheet, and a 30x P/E that demands a $2.17 billion pricing reversal to justify.
GE Vernova's Electrification segment grew +32% YoY, but the company trades at 98.9x earnings with a 3.57% ROIC. Eaton's Electrical Americas grew +15% with 30.3% operating margins—twice GEV's margin at half the P/E. MetricDuck data shows why quality beats hype in AI infrastructure.
While Caterpillar is up +60% YTD, most see it as construction/mining. But CAT's Energy & Transportation segment—which powers AI data centers—is the real growth story at +16.8% YoY with stable 20% margins.