Nvidia replaces Intel in the Dow in semiconductor industry shift driven by artificial intelligence

NEW YORK (AP) — Nvidia replaces Intel in the Dow Jones Industrial Average, ending a 25-year history as a pioneering semiconductor company that fell behind as Nvidia monopolized the market for chips that power artificial intelligence systems.

Paint maker Sherwin-Williams will also replace chemical company Dow Inc. among companies included in the average 30-stock index.

S&P Dow Jones Indices said Friday that the changes, effective Nov. 7, “were initiated to provide a more representative impact on the semiconductor and materials industries, respectively.”

It added that because the Dow Jones Industrial Average is price-weighted, “persistently lower stock prices have minimal impact.”

Dow Inc., a major chemicals and plastics maker unrelated to its index company of the same name, was also the smallest company in the Dow in terms of market capitalization.

Texas utility Vistra will replace AES Corp. in the other Dow Jones Utility Average.