As 10-Year Yields Close In on 5%, Piper Sandler Says Caterpillar and Industrials Are the N

Investing As 10-Year Yields Close In on 5%, Piper Sandler Says Caterpillar and Industrials Are the New AI Winners Craig Johnson sees the AI trade quietly abandoning its old leaders, and the bond market is the confession. Find out which industrial giant sits at the center of the rotation and what a move through 4.80% on the ten-year would… By Omor Ibne Ehsan Published September 9, 2026, 11:20am ET · 4 min read 𝕏 f ⧉ Quick Read Caterpillar's Power Generation revenue surged 29% to $3.1 billion on data center demand, with its $72 billion backlog booked into 2028. Craig Johnson warns a 10-year Treasury break above 4.8% likely drives yields toward 5.25%, raising discount rates and pressuring long-duration industrial multiples. Piper Sandler's Craig Johnson sees AI leadership rotating from hyperscalers to industrials and energy after NASDAQ went 14 weeks without a new record high. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Caterpillar didn't make the cut.