The Top 5 Performing Stocks During Biden’s Presidency

While the Biden presidency wasn’t smooth sailing for the stock market (the S&P 500 fell nearly 20% in 2022), the equity market under the 46th president ultimately came out ahead: the S&P 500 returned more than 65% between Jan. 20, 2021, and Jan. 20, 2025.

At the start of the Biden presidency, the stock market yielded strong returns as interest rates remained low and the federal government provided economic stimulus to support Americans. Yet in 2022, the market plunged when the Federal Reserve began quickly hiking rates to tamp down on high inflation. When ChatGPT was released in late 2022, enthusiasm for AI eventually took over, boosting technology stocks.

We looked at the stocks that performed the best (hint: most of them were A.I.-related) during Biden’s presidency based on total return from Jan. 20, 2021, to Jan. 20, 2025. We analyzed only stocks included in at least one major index: the S&P 500, Nasdaq Composite, or Dow Jones Industrial Average.

1. NVIDIA

Total return: ~930%

NVIDIA (NVDA) stock jumped more than 900% in Biden’s term, rising from $13.71 to more than $137.

This Silicon Valley-based company first launched its signature product, graphics processing units (GPUs), in 1999, which were used to create computer graphics.

Decades later, these chips would be utilized to power artificial intelligence models like OpenAI’s ChatGPT, 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 Micro Computer

Total return: ~815%

Between 2021 and 2025, Super Micro Computer (SMCI) rose more than 800%, notching an all-time high above $110 in March 2024, the same month the stock was added to the S&P 500 for the first time.

Like NVIDIA, Super Micro Computer benefited from investor enthusiasm for A.I.: the Silicon Valley company produces servers that are used in data centers that power generative A.I.

However, Super Micro Computer has faced controversy. In 2024, short seller Hindenburg Research released a report claiming that the company had made accounting errors, which inspired a Justice Department probe into the matter, according to the Wall Street Journal.

Just a few years earlier, in 2020, the company had settled with the Securities and Exchange Commission after an investigation into its accounting practices.

3. Vistra

Total return: ~780%

Vistra (VST) jumped from just over $20 at the beginning of 2021 to more than $150 just four years later, a more than 750% increase. Like NVIDIA and Super Micro Computer, the stock’s stunning ascent can be chalked up, in part, to investor excitement about AI.

This Texas-based power company provides natural gas, solar, and most importantly, nuclear power. Nuclear power has become increasingly popular with tech companies due to the immense amounts of electricity required to power the data centers that AI systems rely on.

As a result, tech companies, such as Microsoft, are turning towards nuclear power as a more environmentally friendly option (though nuclear power still produces radioactive waste) compared to plants that burn fossil fuels.

4. Targa Resources

Total return: ~683%

Targa Resources (TRGP) stock rose more than 650% between 2021 and 2025, increasing from $28.77 to more than $215. Included in the S&P 500, Targa Resources is a midstream natural gas company operating in two segments: gathering and processing, and logistics and transportation.n.

Like Vistra, Targa Resources is a power company that’s been buoyed by interest in AI. While tech companies have expressed interest in alternative energy options to power data centers, they are likely to be reliant on natural gas in the meantime. A 2024 Goldman Sachs report predicts that through 2030, 60% of power for U.S. data centers will be generated by natural gas.

5. Strategy

Total return: ~620%

Strategy, formerly known as MicroStrategy (MSTR), rose more than 600% during the Biden presidency, increasing from a price of $57.70 to $396.50. The Virginia-based company was founded as a software firm in 1989 but is now known as a bitcoin proxy because of the large bitcoin holdings it purchases, starting in 2020.

The company has become one of the largest corporate holders of bitcoin and buys cryptocurrency with leverage, or borrowed money. The company does this, in part, by issuing a type of debt known as convertible notes and issuing common and preferred stock.

Because Strategy is a ‘Bitcoin Treasury Company’, the stock price fluctuates with changes in the price of Bitcoin. The price of bitcoin skyrocketed shortly after the 2024 Presidential election in November when President Trump won and investors anticipated a crypto-friendly administration. Between November 4 and November 20, 2024, Strategy’s stock rose more than 100%.

The Bottom Line

Despite market turbulence early in President Biden’s term, stocks tied to AI, energy infrastructure, and cryptocurrency posted massive gains. Companies like NVIDIA and Super Micro Computer soared on the back of AI demand, while others, such as Vistra and Targa Resources, benefited from rising power needs. Strategy, a bet on bitcoin, surged with crypto optimism.

These top performers underscore how market leadership shifted during Biden’s presidency to a tech- and energy-driven boom.