To be a Vistra shareholder today, you need to believe in the company's ability to capture rising electricity demand from sectors like AI and data centers while managing execution risks tied to regulatory and market challenges. The recent second quarter results, higher sales but reduced net income, largely due to a US$68 million asset impairment, do not appear to materially change the main short-term catalyst (energy demand growth) or the biggest risk (regulatory and policy uncertainty) affecting Vistra's investment story.