While Biden’s presidency was not a smooth voyage for the stock market (the S&P 500 fell nearly 20% in 2022), the stock market for the 46th president finally came out first.
At the start of President Biden, interest rates remained low and the stock markets produced strong returns as the federal government provided economic stimuli to support Americans. However, the market plunged sharply in 2022 when the Federal Reserve quickly launched hiking rates to curb high inflation. When ChatGpt was released in late 2022, enthusiasm for AI ultimately took over, boosting technology inventory.
YCHARTS
From January 20, 2021 to January 20, 2025, we analyzed only stocks contained in at least one major index.
1. nvidia
Total revenue: ~930%
Nvidia (NVDA) shares jumped over 900% in Biden’s term, rising from $13.71 to more than $137.
The Silicon Valley-based company first launched its Graphic Processing Unit (GPU), a signature product used to create computer graphics in 1999.
Decades later, these chips will be used to power artificial intelligence models like Openai’s ChatGPT, which was first released in 2022. According to the Wall Street Journal, Nvidia accounted for more than 80% of AI chip sales as of February 2024.
2. Super Microcomputer
Total revenue: ~815%
Between 2021 and 2025, Super Micro Computer (SMCI) rose more than 800%, hitting an all-time high of over $110 in March 2024.
Like Nvidia, Super Micro Computer benefits from investor enthusiasm for AI: Silicon Valley Company produces servers used in data centers that generate AI power.
However, super microcomputers face controversy. In 2024, Hindenburg Research released a report claiming the company had committed an accounting error, according to the Wall Street Journal.
Just a few years ago, in 2020, the company had settled with the Securities and Exchange Commission after an investigation into its accounting practices.
3. vistra
Total revenue: ~780%
Vistra (VST) jumped over $150 just four years from just over $20 in the beginning of 2021, up over 750%. A spectacular rise in stocks, like Nvidia and Super Micro Computer, can choke some of the excitement of investors around AI.
This Texas-based utility provides natural gas, solar and most importantly nuclear power. Nuclear power is becoming increasingly popular among high-tech companies due to the enormous amount of power needed to power the data centers that AI systems rely on.
As a result, tech companies such as Microsoft are heading towards nuclear as a greener option compared to plants that burn fossil fuels (nuclear power still produces radioactive waste).
4. Targa Resources
Total revenue: ~683%
Targa Resources (TRGP) stocks rose more than 650% between 2021 and 2025, up over $215 from $28.77. Targa Resources, included in the S&P 500, is a mid-class natural gas company operating in two segments. Meetings and Processing, Logistics and Transportation.N.
Like Vistra, Targa Resources is a power company driven by its interest in AI. High-tech companies have expressed interest in alternative energy options for power data centers, but may rely on natural gas during that time. The 2024 Goldman Sachs Report predicts that by 2030 60% of the electricity in US data centers will be produced by natural gas.
5. strategy
Total revenue: ~620%
The strategy, previously known as MicroStrategy (MSTR), rose more than 600% during Biden’s presidency, rising from $57.70 to $396.50 from $396.50. The Virginia-based company was founded in 1989 as a software company, but is now known as a proxy for Bitcoin due to its large-scale Bitcoin holdings to buy from 2020.
The company has become one of Bitcoin’s biggest corporate holders, buying cryptocurrency with leveraged or borrowed money. The company does this in part by issuing debts of the type known as convertible notes and issuing common and preferred shares.
Because its strategy is a “Bitcoin finance company,” stock prices fluctuate as Bitcoin prices change. Bitcoin prices skyrocketed shortly after the 2024 presidential election in November, when President Trump won and investors predicted a crypto-friendly administration. From November 4th to November 20th, 2024, Strategy shares rose more than 100%.
Conclusion
Despite the early market turbulence of President Biden’s term, stocks tied to AI, energy infrastructure and cryptocurrency have risen significantly. Companies like Nvidia and Super Micro Computer have skyrocketed behind AI demand, while other companies like Vistra and Targa Resources have benefited from the growing electricity needs. The strategy was a bet on Bitcoin, and it surged with crypto optimism.
These top performers highlight how market leadership shifted during Biden’s presidency.
