Biden's $42B Internet Initiative: Which Among 19 States Receiving Over $1B Gets The Most?
Portfolio Pulse from Aaron Bry
President Biden's administration will distribute $42 billion across the 50 states to provide high-speed internet access to all American households by 2030. The funds were allocated by Congress as part of the Bipartisan Infrastructure Law. States with more residents without internet, like Georgia, Kentucky, and Florida, will receive large portions of the funds. Texas will receive the most, over $1.8 billion. Internet service providers Comcast Corp (NASDAQ:CMCSA), Cisco Systems Inc (NASDAQ:CSCO), and AT&T Inc (NYSE:T) saw their stocks rise following the announcement.
June 27, 2023 | 8:16 pm
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POSITIVE IMPACT
Comcast Corp's stock rose following the announcement of President Biden's internet initiative.
The announcement of the internet initiative, which aims to provide high-speed internet access to all American households, is likely to increase demand for Comcast's services. This increased demand could lead to higher revenues and profits for the company, which would be positive for its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Cisco Systems Inc's stock rose following the announcement of President Biden's internet initiative.
The announcement of the internet initiative, which aims to provide high-speed internet access to all American households, is likely to increase demand for Cisco's services. This increased demand could lead to higher revenues and profits for the company, which would be positive for its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
AT&T Inc's stock rose following the announcement of President Biden's internet initiative.
The announcement of the internet initiative, which aims to provide high-speed internet access to all American households, is likely to increase demand for AT&T's services. This increased demand could lead to higher revenues and profits for the company, which would be positive for its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75