Nvidia replaces Intel in Dow amid AI chip rivalry

The change is intended to “ensure more representative participation in the semiconductor industry,” according to S&P.

There will be a changing of the guard ahead of the Nov. 8 trading open among publicly traded chipmakers, where GPUs and artificial intelligence heavyweights Nvidia will take Intel’s place in the Dow Jones Industrial Average.

S&P Dow Jones Indices, the organization behind the DJIA, said in a statement Friday that the change is intended to “provide a more representative exposure to the semiconductor industry.”

“The DJIA is a price-weighted index, and therefore persistently lower stock prices have minimal impact on the index,” S&P said.

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Nvidia replaces Intel

CRN has reached out to Nvidia and Intel for comment. Both chipmakers are based in Santa Clara, California.

The news comes a day after Intel reported a net loss of $15.64 billion in its latest quarterly earnings report using generally accepted accounting principles. Non-GAAP net loss was $1.98 billion.

The supplier said it expects fiscal fourth-quarter 2024 revenue to be between $13.3 billion and $14.3 billion, down from the $15.4 billion the company reported for its report. fourth fiscal quarter 2023.

Nvidia will report its next quarterly earnings report on November 20th. In August supplier reportedNet income for the most recent quarter was $16.6 billion, up more than 168 percent from a year earlier.

Nvidia shares were up about 3 percent after market close on Friday and were trading at about $139 per share. Intel shares fell about 2 percent and traded at about $23 per share.