In the long arc of energy transition, few stories are stranger than a company whose earnings surge while its stock quietly loses a third of its value. Vistra, one of America's largest independent power producers, finds itself in precisely this paradox — its nuclear plants now anchored by twenty-year commitments from Amazon and Meta, its cash flows robust, yet its shares trading as though the future were uncertain rather than contractually defined. The market, it seems, has confused sector-wide fatigue with company-specific failure, and in doing so may have created one of the more legible mispr