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Incumbent Vice President and Democratic nominee Kamala Harris has positioned herself as a cryptocurrency and artificial intelligence supporter, a move debated to draw in younger pro-crypto voters.
This is in stark opposition to President Biden's approach, which involved signing an executive order to set 30 new federal regulation standards for AI last year.
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"We will partner together to invest in America's competitiveness, to invest in America's future. We will encourage innovative technologies like AI and digital assets while protecting our consumers and investors," Harris said during a fundraiser at Cipriani Wall Street.
Notably, this might be one of the few areas where the Democratic and Republican nominees see eye to eye. Former President Donald Trump – a long-standing advocate for the cryptocurrency sector – has previously announced his plans to fire the current SEC Chair, Gary Gensler, if he wins.
What Does This Mean for AI and Crypto?
Kamala Harris' 180-degree turn from the current administration's viewpoint has been rejoiced by the crypto sector and garnered attention from industry leaders. The vice president's message comes when the crypto industry flexes its financial muscles, becoming a significant player in the 2024 presidential race.
"Kamala just said she will encourage innovative technologies like DIGITAL ASSETS," said Hayden Adams, CEO of cryptocurrency exchange Uniswap, in a post on X. "I believe this is her first time referencing crypto publicly and it's in a positive way."
NVIDIA
Chip manufacturer NVIDIA Corp. (NASDAQ:NVDA) has been a cornerstone in the artificial intelligence industry for several years. The California-based company held 88% of the GPU market share as of the first quarter of 2024 – marking a whopping 8% sequential increase.
NVIDIA is undoubtedly one of the best-performing S&P 500 stocks in 2024, up nearly 170% year-over-year. If elected, Harris' advocacy for the AI sector could propel NVDA's shares even higher, as analysts expect the stock to surge by over 15%.
Furthermore, given the growing demand for AI chips, NVIDIA's revenues are expected to amount to $125.54 billion in fiscal 2025, indicating a 125.4% rise year over year. The company's bottom line is expected to rise by over 138% year over year, with earnings per share (EPS) reaching $2.84 in the current year.
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Coinbase
Coinbase Global, Inc. (NASDAQ:COIN), the largest cryptocurrency exchange in the U.S. in terms of trading volume, has been embroiled in a legal battle with the SEC for quite some time. In June 2023, the federal regulator filed two lawsuits within just two days of each other in an effort to crack down on the U.S. crypto sector.
Coinbase's legal battles have continued since then, with the crypto exchange going head-to-head against the country's largest securities regulator. But this could soon change if Harris emerges victorious and the White House implements favorable crypto policies.
Cathie Wood, founder and CEO of Ark Invest, who gained prominence during the pandemic by delivering over 325% returns to investors, recently invested approximately $2.2 million in Coinbase, according to research from Coindesk. Ark Invest's flagship Fintech Innovation ETF holds $67 million worth of COIN shares, translating to a 7.43% weightage in the fund.
Coinbase could benefit significantly if Harris comes to power, as the company's EPS is expected to grow at a compound annual growth rate (CAGR) of nearly 200% over the next five years.
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This article Kamala Harris Plans to Boost AI and Crypto Sectors If She Wins – These Specific Stocks Could Benefit originally appeared on Benzinga.com