This has been covered here quite well, but if you REALLY need even better performance than anything listed here, you can use this approach that uses strtok.
$Names_Keys = [];
$Name = strtok(file_get_contents($file), "\n");
while ($Name !== false) {
    $Names_Keys[$Name] = 0;
    $Name = strtok("\n");
}
Note, this assumes your file is saved with \n as the newline character (you can update that as need be), and it also stores the words/names/lines as the array keys instead of the values, so that you can use it as a lookup table, allowing the use of isset (much, much faster), instead of in_array.