This utility is one of the best performing stocks in the market with room for more AI demand upside

Vistra's stock performance in 2024 trails only AI heavyweights Super Micro Computer and Nvidia.

A Texas-based power company that only joined the S & P 500 two months ago is the third-best performing stock in the index this year, boosted by the same demand for everything connected to artificial intelligence. Vistra Corp . , based in Irving, Texas outside Dallas, was added to the benchmark stock index in May , only a few months after the power company assembled from Texas Utilities Co. and Dynegy Inc. joined the S & P MidCap 400 last fall.

"For the Vistras out there, what that means is, they'll be selling power to a data center at above market rates, which is materially higher than the current curves," Pourreza, the Guggenheim analyst, told CNBC. "And not only will it then be selling power at above market rates, they'll also be selling that power over a long term contract." Vistra will not only benefit from premium pricing but also cash-flow certainty with a strong counterparty, Pourreza said.

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