NVIDIA to replace Intel in Dow Jones Industrial Average
The change will take place effective prior to the market open of trading on Friday, November 8, 2024.
S&P Dow Jones Indices said the changes were made to"ensure a more representative exposure to the semiconductors industry." Year-to-date, NVIDIA's stock is up 173%, while Intel is down 54%. NVIDIA is the dominant player in the AI chip sector. Analysts at BofA Securities expect AI accelerator demand to grow to $280 billion by 2027 and more than $400 billion over time, with NVIDIA garnering 75% of the market share.
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