Nvidia, the chipmaker at the heart of the artificial intelligence boom, is joining the oldest of Wall Street’s three main equity benchmarks.
The company will replace rival Intel in the 128-year-old Dow Jones Industrial Average prior to the start of trading on Nov 8, S&P Dow Jones Indices said in a statement late Friday. Sherwin-Williams is also joining, replacing Dow.
The addition of Nvidia to the blue-chip index is a testament to the power of the AI-driven rally that’s pushed the chipmaker up 900% in the past 24 months. The Dow Jones Industrial Average was the only major US equity benchmark that didn’t hold Nvidia – until now.