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Key Takeaways
- Artificial intelligence darling Nvidia and paint maker Sherwin-Williams are set to join the Dow Jones Industrial Average, replacing Intel and chemical giant Dow.
- The changes will take effect prior to the start of trading next Friday, Nov. 8, according to S&P Dow Jones Indices.
- Nvidia and Sherwin-Williams shares climbed in extended trading Friday following the news, while Dow and Intel shares edged lower.
Artificial intelligence darling Nvidia (NVDA) is set to join the Dow Jones Industrial Average, replacing storied chipmaker Intel (INTC).
The change will take effect prior to the start of trading next Friday, Nov. 8, according to S&P Dow Jones Indices, which manages the blue-chip index.
Paint maker Sherwin-Williams (SHW) is also set to join the index, in the place of chemical giant Dow (DOW).
Nvidia shares climbed 3% in extended trading Friday following the news, while Sherwin-Williams jumped 5%. Dow’s stock price edged lower, as did Intel’s.
Change Comes After Torrid Gains for Nvidia, While Intel Struggles
The announcement comes after a torrid year so far for Nvidia, with shares more than doubling in value since the start of 2024 as demand for its AI chips surged.
The chipmaker recently overtook Microsoft (MSFT) as the world’s second-largest company by market capitalization and has been closing in on Apple (APPL) for the top spot.
Meanwhile, Intel shares have lost more than half their value since the start of the year, as the chipmaker undergoes a massive restructuring to turn around the business. That’s despite a nearly 8% pop in Friday’s regular session after the chipmaker reported better-than-expected sales for the third quarter.