By Adam Clark

The launch of ChatGPT at the end of November 2022 catapulted the stock market into a new phase focused on artificial-intelligence technology. It's a good time to look at the big winners and what comes next for them.

Chip maker Nvidia is obviously one of the huge beneficiaries of the AI wave. It has gained 945% since the launch of ChatGPT, according to Dow Jones Market Data -- leaving it behind only AppLovin, Palantir, and Robinhood Markets over the same period in the S&P 500.

But questions are swirling around Nvidia's dominance amid the challenge from Google's custom chips, designed in partnership with Broadcom -- which is the sixth-best performing S&P 500 stock over the past three years, having gained 631%.

The optimistic view is that both companies can continue to benefit. Nvidia and Broadcom feature on Wedbush's IVES AI 30 list, as shaped by outspoken technology bull Dan Ives.

"This AI Revolution is just beginning today and we believe tech stocks and the AI winners should be bought given our view this is Year 3 of what will be a 10-year cycle of this AI Revolution buildout," Ives wrote in a research note on Monday.

Barron's has also written positively about Nvidia's chances of continuing to be the dominant provider of AI chips, as well as Broadcom's ability to become the key second player in the industry.

Still, it's worth looking at a few other AI winners which might be set to keep gaining no matter who wins out in the processor battle. One fruitful area could be energy stocks.

First up is Vistra. The energy company is the fifth-best performing S&P 500 member since Nov. 30, 2022, having gained 635%. The Texas-based electric utility and power producer had been a fairly stable stock for years before making a number of well-timed nuclear power plant acquisitions in 2023, adding to its gas-fired assets.

Vistra stock has lost momentum over the past three months, falling 5.4%, partly due to a miss on earnings expectations in its most recent report. Still, it secured a flagship customer for its Comanche Peak nuclear plant in Texas. Analysts at KeyBanc initiated the stock at Overweight with a $217 target price last week, on the back of AI-driven demand for power. Vistra shares traded at around $176 in Monday's premarket.

"Permitting delays, interconnection bottlenecks, and supply chain constraints have slowed new generation development across the U.S. VST's existing fleet -- particularly its nuclear and modern gas assets -- benefits from this scarcity," wrote KeyBanc analyst Sophie Karp. "[Vistra's] ability to repower legacy sites and leverage existing interconnections provides a structural advantage in a constrained supply environment."

Those are the same drivers that could bode well for NRG Energy and Constellation Energy, respectively the 16th and 18th best-performing stocks in the S&P 500 since ChatGPT's launch, both having nearly quadrupled over that period.

Constellation is diversifying its nuclear-weighted portfolio with its nearly $27 billion deal to acquire privately held Calpine, one of the country's biggest operators of natural-gas plants. Its CEO recently told Barron's he will look to acquire more renewable energy assets, which might be sold at bargain prices due to the Trump administration's reduction of subsidies for the sector.

NRG is aiming to close its own significant expansion in early 2026, finalizing a nearly $12 billion acquisition of a portfolio of natural gas-generation facilities from energy infrastructure company LS Power Equity Advisors.

It should benefit from its heavy exposure to the Texas wholesale power market, according to Melius Research. The region is run by the Electric Reliability Council of Texas (ERCOT).

"The state of Texas is emerging as a major player in the datacenter buildout, due to cheap access to energy through the Permian basin, ample availability of land, and ease of permitting and business-friendly regulation," Melius analyst James West wrote in a research note on Monday. "As developers are drawn to the region, we see electricity demand booming in the ERCOT region as a result...NRG and Vistra are heavily exposed to ERCOT."

Write to Adam Clark at adam.clark@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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December 01, 2025 09:19 ET (14:19 GMT)

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