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 * The Top Stock of 2024 Might Surprise You…

Meet Louis Navellier


THE TOP STOCK OF 2024 MIGHT SURPRISE YOU…

It’s all about nuclear power.

By Louis Navellier, Editor, Growth Investor Oct 18, 2024, 4:30 pm EST October
18, 2024


Source: engel.ac / Shutterstock

If I were to ask you which stock has led the S&P 500 this year, you may be
tempted to think of a red-hot technology pick that’s benefiting from the AI
Boom… like NVIDIA Corporation (NVDA).

But you’d only be partially right.

The fact is that the S&P 500’s current top performer actually comes from the
utility sector – but it is benefiting immensely from the AI Boom.

I won’t keep you in suspense… I’m talking about Vistra Corp. (VST).

For the year, Vistra has gained roughly 235%. That is significantly higher than
the runner-up, NVIDIA, which has gained 180%.

Now, you may be thinking… What does a utility company have to do with the AI
Boom?

It’s simple, really.

AI needs power. A lot of it.

For example, according to the World Economic Forum, it took about 1,300 megawatt
hours (MWh) of electricity to train OpenAI’s language model, GPT-3. This is
similar to the power consumption of 130 U.S. homes annually.

The more advanced GPT-4 model may have taken 50 times more than that. And it’s
estimated that the overall computational power needed for maintaining AI’s
growth is doubling every 100 days.

According to estimates from Boston Consulting Group, AI will account for 16% of
America’s energy consumption and reach 130 gigawatts by 2030.

It’s hard to even comprehend how much power we’re talking about. So, this has
led to some big deals in unexpected places to meet this crazy demand.

For example, on September 21, Microsoft Corporation (MSFT) inked a deal with
Constellation Energy Corporation (CEG) to revitalize the Three Mile Island
nuclear plant in Pennsylvania.

As part of the terms, Constellation will spend $1.5 billion to bring one of the
plant’s reactors back online, which is expected to be completed by 2028. In
return, Microsoft will pay a “significant” premium over market rates to secure
the power to meet the demands of its data center buildout as part of the 20-year
deal.

If you’re not old enough to remember, this is the same plant where a partial
meltdown in 1979 led to a nationwide slowdown in adopting nuclear as an energy
source.

Then, on Wednesday, Amazon.com, Inc. (AMZN) announced a $500 million investment
into nuclear power. Specifically, the company signed an agreement with Dominion
Energy, Inc. (D) to explore the development of Small Modular Reactors (SMRs).
SMRs have long been seen as a critical step in deploying nuclear power at a
larger scale. These advanced reactors are much smaller, cheaper, take less time
to build and can be built closer to the grid.

In other words, AI is single-handedly revitalizing the nuclear power industry.

But this begs the question… Why nuclear?

Well, naturally, Big Tech would prefer that this power be as clean as possible.

There’s just one problem: Wind and solar just aren’t going to cut it.

These AI data centers run complex operations that need continuous and
uninterrupted power. That means they need a reliable base-load power source that
can provide electricity consistently, regardless of external conditions (like
weather or time of day).

Matthew Garman, CEO of Amazon Web Services (AWS), sees nuclear power as the best
bet over traditional power sources to meet demand:

> We see the need for gigawatts of power in the coming years, and there’s not
> going to be enough wind and solar projects to be able to meet the needs, and
> so nuclear is a great opportunity.




THE TOP S&P 500 STOCK OF 2024

This is where Vistra comes in.

Vistra is an integrated retail electricity provider based in Texas. It happens
to be the largest power generator in the U.S., with a capacity of approximately
39 gigawatts, supplied by diverse energy sources such as natural gas, nuclear,
solar and battery storage facilities.

Back in March, Vistra completed a previously announced $3.4 billion deal to
acquire Energy Harbor, making Vistra the second-largest nuclear power provider
in the U.S. The company owns the Moss Landing Power Plant in California which
contains the largest battery energy storage system in the world.

I should also add that since the bulk of Vistra’s operations are in Texas, it
benefits from the ability to set prices based on market factors instead of
having to deal with regulators.

Now, I used my Stock Grader system to point my premium subscribers to Vistra
back in March. And since then, it has gained 140%! It currently has a
Quantitative Grade of A, signifying strong institutional buying pressure – so as
long as that remains the case, I expect the gains to continue.


WHERE AI IS HEADED NEXT

It just goes to show you that, while I love NVIDIA, it isn’t the only game in
town. The AI buildout is happening at a massive scale right now, and there are
plenty of other stocks that are benefitting from it.

But I predict that in the coming days, we’re going to see a critical shift in
the AI Boom.

You see, many folks are still pouring their investments into the “first
generation” of AI stocks, like NVIDIA, for example.

But we’re going to start seeing a shift where “next-gen” AI stocks become the
new market leaders.

These second-generation AI stocks will be smaller companies using AI that will
either create entirely new businesses or upend existing ones.

And thanks to my Stock Grader, I found six next-gen AI companies that are
already doing just that. This is your chance to get into the once-in-a-lifetime
shift that could create millionaires. It all begins with just a small stake in
the right investments.

I recently sat down for a briefing that tells you everything you need to know.
But you’ll need to act fast because my briefing is being taken down TONIGHT at
midnight. So, you don’t want to miss it.

Click here to learn how you can profit from the next AI Boom and get the names
of these six next-gen AI companies.

Sincerely,

Source: InvestorPlace unless otherwise noted

Louis Navellier

Editor, Market 360

The Editor hereby discloses that as of the date of this email, the Editor,
directly or indirectly, owns the following securities that are the subject of
the commentary, analysis, opinions, advice, or recommendations in, or which are
otherwise mentioned in, the essay set forth below:

Microsoft Corporation (MSFT), NVIDIA Corporation (NVDA) and Vistra Corp. (VST)

Submit



Louis Navellier Editor, Market 360


MEET LOUIS NAVELLIER

Louis Navellier is one of Wall Street’s renowned growth investors. Providing
investment advice to tens of thousands of investors for more than three decades,
he has earned a reputation as a savvy stock picker and unrivaled portfolio
manager.

Learn more about Louis

--------------------------------------------------------------------------------

Article printed from InvestorPlace Media,
https://investorplace.com/market360/2024/10/the-top-stock-of-2024-might-surprise-you/.

©2024 InvestorPlace Media, LLC


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