Vistra is the largest integrated power generator-retailer in the US, uniquely positioned to monetize AI-driven electricity demand through its nuclear fleet. With ~3,800 MW of nuclear contracted to AWS and Meta under 20-year PPAs, Vistra is converting premium merchant generation into infrastructure-grade recurring revenue — a transformation the market is only beginning to price. The integrated retail + generation model (43.6 GW / ~5M customers) provides natural hedging that pure-play generators lack, while the ERCOT scale advantage and nuclear cost structure create a persistent margin wedge. Q1 2026 actuals (adj. EBITDA $1.49B, +20% YoY) plus the Fitch investment-grade upgrade confirm the operating trajectory, while the stock's recovery to $165.41 (June 26, up about 7% from the $154 May low, about 18.5x forward adj. EPS / about 6.5% adj. FCFbG yield) — led by the June 11 KKR/Nvidia/Vistra 'Helix Digital Infrastructure' launch (>$10B AI-infrastructure vehicle) naming Vistra preferred power provider — confirms the earlier $220-to-$154 drawdown reflected ERCOT/SB 6 policy noise and NEE/D consolidation headlines, not deteriorating fundamentals.