The Dow is having a strong year, up nearly 13% YTD as we close out 2025. The surprising part is that the leaders aren't the usual pure tech plays like Nvidia or Microsoft. Because the index is price-weighted, Caterpillar, Goldman Sachs, and IBM are driving the gains. Caterpillar is up 66.3%. It's benefiting from infrastructure spending and lower rates, but also a pivot to AI infrastructure like data center power cooling. It's trading at 27x forward earnings. Goldman Sachs is up 49%. M&A volume exceeded $1T this year, and they're seeing strength in trading revenues and asset management due to economic stability. IBM gained 40% to hit record highs. Margins expanded to 18.6% driven by their watsonx AI platform and Red Hat adoption.