** Shares of Texas Pacific Land Corp down 4.6% at $1,539.27 as co joins S&P 500 on Tues

** Dallas-based TPL, which owns 873,000 surface acres in the oil-rich Permian Basin, has seen its stock more than triple this year and now has current market cap of around $35 bln, aided by enthusiasm over artificial intelligence ** TPL shares on Fri surged 14% to close at $1,730, a day after news co would replace Marathon Oil in the benchmark index ** Marathon was bought by shale producer ConocoPhillips ** In Q3, TPL generated ~$174 mln of revenues, comprising ~$94 mln in oil and gas royalties and ~$80 mln from water sales and royalties, and fees for cos using its land (Click here for investor presentation)

** Bitcoin mines, utility-scale battery projects and renewable power are being produced on TPL's land, and co cited opportunities to lease land to data centers ** "TPL just has a lot of positive attributes for data centers and nobody has more land than us in West Texas. So another thing, too, is if we need to buy more land to accommodate a data center, then we have proven that, that's not hard for us to do so," CEO Tyler Glover said on the earnings call

** Investment manager Horizon Kinetics is the biggest TPL holder with ~3.69 mln shares, or ~16% stake, per LSEG data ** Horizon Kinetics is also a major investor in LandBridge

, which owns about 220,000 surface acres in the Permian. LB shares have soared since co's Jun IPO priced at $17 and are currently trading at $78 as co viewed potentially benefiting from AI and data center build out ** Last week, LB agreed to buy more land and boost its acreage to ~272,000 surface acres, pointing to "potential digital infrastructure and renewable energy projects"

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))