3 Stocks to 10X Your Money if Biden Becomes President in 2024

Stocks to buy

As the election year heats up, the search for 10X stocks for a Biden win intensifies amidst the closely contested race between Joe Biden and Donald Trump.

The current political climate injects a level of unpredictability into the markets, which significantly complicates capitalizing on trends and making investment choices. If the Democrats secure another term, industries favored by Biden’s administration will benefit immensely. His focus on combating climate change, expanding healthcare, and bolstering infrastructure development underscores a fertile ground for businesses aligned with these priorities. This policy direction hints at amazing long-term growth opportunities for well-positioned companies within these realms.

Navigating this landscape, investors should look to wager on stocks set to soar with policy-driven momentum. With that said, here are three standout stocks ready to excel in Biden’s ongoing policy environment.

10X Stocks for a Biden Win: First Solar (FSLR)

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The Biden administration strongly supports solar energy, evidenced by the Department of the Interior’s recent green-lighting approval of 47 clean energy projects. These developments should significantly benefit stalwarts in the realm, such as First Solar (NASDAQ:FSLR), which has established an enviable position by serving utilities and large solar power providers.

Moreover, FSLR benefits from U.S. tax credits for domestically produced solar panels and will continue to reap the rewards if Biden prevails later this year. Additionally, FSLR acquired Evolar, merging its leading thin-film expertise with Evolar’s advanced technologies to expand its market presence further.

Financially, FSLR demonstrated strong results, reporting a 15.58% year-over-year (YOY) revenue surge to $1.16 billion and earnings-per-share (EPS) outperforming forecasts at $3.25. TipRanks analysts show further optimism, assigning a ‘strong buy’ rating with a promising 38.94% upside potential, making it an attractive choice for investors.

Green Thumb Industries (GTBIF)

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President Biden’s potential second term should elevate cannabis stocks, again boosting market bellwethers such as Green Thumb Industries (OTCMKTS:GTBIF). His efforts to decriminalize marijuana and its reclassification are reforms that could reshape the industry, streamline the regulatory process, and significantly expand market access.

Financially, GTBIF has shown remarkable performance, with its share price surging by 45.02% over the past year, a testament to its robust market confidence. The company’s recent earnings report further cements its industry stature, showcasing a 7% YOY revenue increase to $278 million, alongside a record Adjusted EBITDA of $91 million.

Consequently TipRanks analysts’ ‘strong buy’ recommendation, predicting a 46.56% potential growth, making GTBIF stand out in the dynamic cannabis industry.

Taiwan Semiconductor Manufacturing (TSM)

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Joe Biden has been making a concerted effort to revitalize the U.S. semiconductor sector, making historic strides in bringing supply chains home and fostering innovation and national security. At the heart of this initiative is Taiwan Semiconductor Manufacturing (NYSE:TSM), or TSMC, which has been encouraged to establish manufacturing facilities stateside. This move aims to bolster U.S. manufacturing employment while ensuring access to semiconductors.

However, TSMC’s Arizona facilities have encountered setbacks, delaying its operational start to 2027 or 2028, Chairman Mark Liu revealed. The project was set to become operational in 2026. Still, the chip giant cites a shortage of skilled workers for pushing back the factory’s opening to 2025. Nevertheless, this development could represent a major milestone for the U.S. semiconductor space, bolstering capabilities on a global scale.

Moreover, TSM is expanding its global footprint by opening up its first 45,000-square-meter microchip plant in Japan. This expansion not only diversifies TSMC’s operational reach beyond Taiwan but also underscores the company’s commitment to addressing the global demand for semiconductors. Furthermore, TSM’s financials are mighty encouraging, with revenues of $19.62 billion in its most recent quarter, surpassing expectations by $50 million. Additionally, EPS reached $1.44, outperforming forecasts by 5 cents, highlighting TSMC’s strong financial health and pivotal role in the semiconductor industry.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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