Vistra, a power generator supplying data centers, is attracting billionaire investors as AI-driven electricity demand surges; the company has signed major long-term nuclear power deals with Meta and Amazon.

What happened: Vistra ranks among billionaire investors' top AI stock picks, with 106 hedge funds holding positions. Meta signed a roughly 2.6 GW, 20-year nuclear power purchase agreement with Vistra, and Amazon signed a roughly 1.2 GW, 20-year nuclear PPA. The company expects electricity demand in ERCOT (the grid covering most of Texas) to grow 5% to 6%, and in PJM (the largest wholesale electricity market in the U.S.) to grow 2% to 3%—both well above historical norms.

Why it matters: As AI data centers consume more power, companies are locking in long-term electricity supply, and Vistra sits at the center of that trend. The company's nuclear fleet is the second largest in the U.S., and it uses gas-fired plants near data centers to provide temporary power when grid connections are delayed—a capability that allows data centers to come online faster than traditional utility models.

What to watch: Vistra has a total generation capacity of about 44 GW, with roughly 62% from natural gas, about 15% from nuclear, and the rest from coal and renewables. The firm sees potential for additional large power purchase agreements with hyperscalers (major cloud providers) beyond the ones already signed.