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With 31.7 million subscribers, Comcast is already the largest cable broadband provider in the U.S. That puts it in a strong position to benefit from the Biden administration's recent push for universal internet access.

Comcast has already benefited from the 2021 Affordable Connectivity Program, a $14-billion federal fund that has provided over 19 million households with a monthly subsidy of $30 or more to help cover broadband bills. Comcast, whose Xfinity cable and internet service is dominant nationwide, was one of the main beneficiaries.

Comcast stock is up about 27% year to date.

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AT&T is another company that could benefit from the Biden administration's push for internet access.

The company already operates the nation’s largest network of fiber-optic cables. These cables are hooked up to 19.7 million consumer addresses, 750,000 corporate buildings and more than 3 million business customer locations across 100 U.S. metro areas.

Maintaining this network is expensive — let alone expanding it — and government subsidies could ease the burden. During the White House press conference, Secretary of Commerce Gina Raimondo specifically mentioned that part of the newly announced BEAD grant would be earmarked for “manufacturing fiber-optic cable in America.”

AT&T stock is down about 20% year to date, giving contrarian investors something to think about.

Charter Communications

With 28.9 million wired broadband customers, Charter Communications is the second-largest wired internet provider in America.

Like Comcast, the company saw a windfall of government-backed income thanks to the Affordable Connectivity Program, and it remains in a strong position to capitalize on the new BEAD program. Meanwhile, the company is already investing over $5.5 billion to supercharge speeds across its network over the next few years.

"We are targeting that over 85% of our footprint will be capable of an up to 5 gigabits per second service by end of year 2025," Charter President of Product and Technology Richard DiGeronimo said during an investor presentation in late 2022.

Charter stock trades at a price-to-earnings ratio of 14.69 and the stock price is up nearly 28% year to date.

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About the Author

Vishesh Raisinghani

Vishesh Raisinghani

Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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