VST
The power trade is still alive
Vistra keeps looking like one of those boring companies that accidentally became a hot trade. The power producer said its second-quarter adjusted EBITDA from ongoing operations rose 31% year over year to $1.77 billion, which is the kind of number that makes Wall Street sit up a little straighter.
Why this matters
The whole bull case here is pretty simple: data centers, electrification, and AI are still chewing through electricity like it’s a free buffet. That’s why Vistra’s stock sitting 37% below its high feels notable — the market may be underestimating how sticky this power-demand story could be.
The setup for investors
If you own the stock, you’re probably asking the same question everyone else is: is this just a momentum trade, or is the demand backdrop real enough to keep the earnings engine humming?
What stands out:
- EBITDA growth was strong, not just “fine for a utility-adjacent name.”
- Power demand is still trending up, which helps Vistra’s setup.
- The stock’s big discount to its high suggests expectations may still be catching up.
Big picture: Vistra is trying to turn the AI energy boom into a very real cash-flow story. If demand keeps rising, this might not be a sleepy utility play at all — it could be a not-so-sleepy way to ride the grid.