Stocks to buy

3 Stocks That Could Get the Biggest Bidenomics Boost in 2024

Joe Biden stood at the podium in Milwaukee last August. Behind the president stood a sign with the headline Bidenomics with the sub-heading Investing in America directly below it.

The president was in Milwaukee to speak at Ingeteam, a manufacturer of wind turbine equipment and electric vehicle rechargers. He was there to remind voters that Bidenomics strengthens the middle class—no trickle-down economics for the Democrats. 

In a July 2023 article in The New Republic, author Timothy Noah noted that red states (Republican), not blue ones (Democrat), benefited most from Bidenomics. 

I don’t know the ins and outs of political party supporters benefitting most from Bidenomics (I’m from Canada). I do know plenty of companies doing well because of the Biden administration’s infrastructure investments.

Three pieces of legislation are the key to identifying the winners from Bidenomics. They are the Inflation Reduction Act, the Bipartisan Infrastructure Law (BIL) and the CHIPS and Science Act.  

Who are these Bidenomics stocks? Here are three of them. 

General Electric (GE)

Source: Sundry Photography /

General Electric (NYSE:GE) made a list of names that Bank of America said would benefit from the Inflation Reduction Act. Many other public companies made Bank of America’s list of renewable energy beneficiaries. 

The industrial conglomerate has been sliced and diced into many pieces. It’s hard to know which business is a valid beneficiary.

In November 2021, GE announced that it would split into three publicly traded companies. GE Healthcare Technologies (NASDAQ:GEHC) was fully separated on Jan. 4, 2023. Its stock’s done quite well over the past 13 months since becoming a separate business. 

The remaining two businesses are GE Vernova and GE Aerospace. They will go their separate way at the beginning of the second quarter. GE Vernova will trade on the NYSE under the symbol GEV. GE Aerospace will retain the GE symbol, with GE spinoff mastermind and CEO Larry Culp running its engine business.

The company’s renewable energy business’s 80,000 employees have manufactured approximately 54,000 wind turbines and 7,000 gas turbines, generating 30% of the world’s electricity.

GE shareholders got 1 GEHC share for every three held in the parent. We’ll know how many GEV shares will be distributed to GE shareholders soon. Last June, GE sold 25 million of its GEHC stock. It now owns 13.5% of its former healthcare subsidiary.     

Given GE Vernova doesn’t make money, you might want to buy GE stock instead. 

WSP Global (WSPOF)

Source: Shutterstock

WSP Global (OTCMKTS:WSPOF) is a Canadian professional services consulting firm operating worldwide. It advises, plans, designs and manages infrastructure projects for large undertakings. 

WSP, Aecom (NYSE:ACM) and Granite Construction (NYSE:GVA) have all admitted in regulatory filings that they’ve benefited from BIL. For WSP, hydrogen-related projects will make a significant contribution to its revenue as a result of BIL.

“Hydrogen is a very useful molecule, so there is growing interest in concentrating some of the expertise in clean hydrogen hubs across the U.S. that might provide specific geographic benefits, particularly for the end users,” said Phil Jonat, WSP USA national leader for electrification. “With $8 billion in funds available, clean hydrogen is one of the largest individual buckets of energy funding in the BIL.”

Over the past five years, WSPOF stock gained nearly 181%, more than double the S&P 500. Given the importance of the infrastructure projects, its stock should continue to outperform the index over the next five years. 

Intel (INTC)

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Intel’s (NASDAQ:INTC) stock hit a 5-year low in February 2023, doubling in value in less than a year.

InvestorPlace contributor Tyrik Torres recently discussed semiconductor stocks to watch in 2024 that would benefit from artificial intelligence (AI) and the CHIPS Act. Intel was one of three names on the list. 

Intel had an x86 CPU market share of 68%, more than double Advanced Micro Devices (NASDAQ:AMD) at 32%. The spread was widening.  

“INTC is pressing on in advancing its chip manufacturing process and expects to maintain its leadership by launching the 7nm Meteor Lake processors it announced in September. The company expects to release even more efficient chips, the Arrow Lake and Lunar Lake series, this year,” Torres wrote. 

One area Intel benefits from the CHIPS Act is the company’s two leading-edge chip factories being built in Chandler, Arizona. The company is spending $20 billion putting these into operation. 

In the process, Intel is benefiting, but so too is Arizona. The company has invested $50 billion since it came to the state more than 40 years ago.

Concerning Bidenomics, Intel is one of its greatest success stories. 

On the date of publication, Will Ashworth 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 Publishing Guidelines.

Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.