U.S. chipmaker Nvidia to replace Intel on Dow Jones index
Nvidia will replace Intel in the Dow Jones industrial average, effective before the market opens on November 8, according to S&P Dow Jones Indices. The change reflects Nvidia's soaring market value amid high demand for AI, contrasting with Intel's significant stock decline this year.
- Tech
- Anadolu Agency
- Published Date: 07:06 | 02 November 2024
- Modified Date: 07:08 | 02 November 2024
U.S.-based chipmaker Nvidia will replace another semiconductor manufacturer, Intel, on the Dow Jones industrial average stock market index, S&P Dow Jones Indices announced late Friday.
The change in the blue-chip index, which includes 30 prominent American companies, will take place before the Nov. 8 market opening.
"This procedure prevents any distortion in the indices' reflection of the portion of the U.S. stock market it is designed to measure," S&P Dow Jones Indices said in a statement.
While Nvidia shares soared more than 170% with booming demand for artificial intelligence, Intel's stock price plummeted over 50% since the beginning of 2024.
Nvidia's market value stood at $3.32 trillion as of Friday, while Intel's market cap was just below $99 billion.