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Back in October, we posed a simple question about the artificial intelligence (AI) boom; who keeps the lights on? New year, same question. Utility stocks like Vistra (VST) and Constellation Energy (CEG) won 2024 thanks to their association with AI. Which stocks could be next?

ANET GETS GOLDMAN SACHS BLESSING

Arista Networks Inc (NYSE: ANET) was named a top AI pick by Goldman Sachs to start 2025. Last seen trading at $115.51 and up 88.4% year-over-year, there's technical support at ANET's upwardly-sloping 100-day moving average. 

However, there's not much contrarian potential around the equity. The majority of analysts rate Arista a "buy" or better, while a slim 1.3% of the stock's total available float is sold short.

CREDO FINISHES 2024 STRONG

Credo Technology (Nasdaq: CRDO) finished the last quarter of the year with respective monthly gains of 22.4%, 30%, and 37.3%, after robust earnings indicated a strong commitment to data center investment. The shares -- up 266% year over year -- have consolidated since a Dec. 16 record high of $78.97, with support in place at the 30-day moving average.

Earlier this week, Stifel hiked its price target to $80 from $75, but more bull notes could be on the way, considering CRDO's consensus 12-month price target of $74.50 is a slim 2% premium from its current perch of $73.02. 

KEEP AN EYE ON NUCLEAR

Small module reactors (SMRs) are exactly what their name suggests; small and easy to construct, with little fuel restrictions that larger nuclear reactors have. After a Nov. 29 record high of $32.30, NuScale Power Corp (NYSE: SMR) didn't really stick the landing to end the year. Prone to making outsized, volatile moves, SMR has taken a 39% haircut since that peak, with single-session gains of 17.7%, 13.5% to start the year offset by gaps lower of 8.2% and 9.4% this week.

Chart support is emerging at the stock's 100-day trendline. And there's intriguing short squeeze potential too; short interest fell 19.5% in the two most recent reporting period, yet the 17.90 million shares sold short with 19% of SMR's total available float. 

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