NEW YORK (AP) — Nvidia will replace Intel on the Dow Jones Industrial Average, ending a 25-year run for a pioneering semiconductor company that fell behind as Nvidia cornered the market for chips with artificial intelligence systems .
Paint maker Sherwin-Williams will also acquire chemical company Dow Inc. replaced among the companies that make up the average of 30 stocks.
S&P Dow Jones Indices said Friday that the changes effective Nov. 7 “were initiated to ensure more representative exposure to the semiconductor and materials industries, respectively.”
It added that because the Dow Jones is price-weighted, “persistently lower-priced stocks have minimal impact.”
Dow Inc., a major producer of chemicals and plastics and not related to the company of the same name behind the index, is also the smallest company in the Dow Jones in terms of market capitalization.
In another index, the Dow Jones Utility Average, Texas-based energy company Vistra will replace Virginia-based AES Corp.
