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Constellation, in recent times, had enjoyed a period of prosperity, its fortunes rising with the insatiable demand for energy generated by these new ‘data centers’ – vast, humming cathedrals dedicated to the storage and processing of information. The company’s holdings in nuclear power, once viewed with a degree of apprehension by some, had become a source of considerable strength, providing a reliable, if somewhat costly, means of satisfying this burgeoning appetite. One might almost say the company had become intoxicated by its own success, believing the upward trajectory would continue indefinitely, a delusion common to all who dwell within the gilded cage of prosperity.

For the fourth quarter, management anticipates an 8% increase in sales, excluding the artificial inflation provided by an extra week on their calendar – a trick as old as accounting itself. Comparable store sales are expected to rise by 5%. A modest triumph, perhaps, but in these times, even a slight uptick feels like a reprieve from the encroaching darkness. They project roughly $0.45 in adjusted earnings per share for 2025, placing the stock at 23 times earnings. A valuation that suggests either remarkable confidence or a collective delusion. One hesitates to judge.

The earnings, of course, have soared. A vulgar display, almost. Double, triple digits… numbers that mock the slow, steady accrual of honest dividends. And the stock price? A rocket aimed at the heavens, fueled by the boundless optimism of speculators. Yet, beneath the surface of this euphoria, a disquieting question lingers: how long can this fever dream persist? The spending on AI, relentless as it is, is not infinite. A slowdown, a mere tremor in the relentless march of progress, could send shivers through this entire edifice. One cannot help but feel a certain… pity for those who have staked their fortunes on this volatile beast.

Amazon and Alphabet, like any successful enterprise, have mastered the art of appearing indispensable. They’ve insinuated themselves into the daily routines of a considerable portion of the globe, collecting data and, naturally, capital with the efficiency of a well-oiled machine. This foundation, if one can call it that, is what sustains the shareholder faith. Let us examine these behemoths more closely, shall we?

We’ve traced the contours of this company, its quiet industry, its peculiar revenue streams. Now, as the season turns, we look towards the horizon, towards the promise—and the perils—of expansion. This is not merely a financial assessment; it is an attempt to understand a company’s place within the larger, unfolding story of our time, a story written in code and carried on waves.

Vistra provides the juice. The electrons. The stuff that makes the little glowing rectangles work. More formally, it’s a power generation and retail electricity provider. They’ve got a portfolio of everything – natural gas, nuclear, coal (though they’re attempting to wean themselves off that, a sensible move given the current dragon situation¹), solar, and battery storage. Combined, that’s around 44,000 megawatts. Enough to power roughly 22 million homes. Or, you know, a moderately sized magical kingdom.

As of this late morning hour, Sigma Lithium shares are trading some twelve and nine-tenths percent lower, a circumstance which, while regrettable for those holding stock, does offer a certain quiet satisfaction to those who prefer a more measured approach.

That’s where a company like Procter & Gamble comes in. It ain’t glamorous, mind you. No whizz-bang gadgets or promises of world domination. Just soap, diapers, and things folks need, day in and day out. A fella can set his watch by the demand for a clean shirt, you see. And that, my friends, is a powerful thing in a world gone mad with speculation.

As of late Friday, the stock sits up twenty-one and a half percent for the week. But a rise like that doesn’t tell the whole story. It’s a question of what’s been planted, what’s taken root, and what might wither under the harsh sun of reality.