Nvidia will replace Intel in the Dow Jones index.
This decision marks another milestone in the growth of Nvidia, the world’s second-most valuable company, now closing in on Apple.
U.S. semiconductor giant Nvidia will join Wall Street’s renowned Dow Jones index, replacing its competitor Intel, S&P Dow Jones, the index administrator, announced on Friday.
The change will take effect before Wall Street opens on November 8, according to the statement.
This decision highlights Nvidia’s rapid ascent, nearing Apple as the second-most valuable company in the world.
Nvidia’s trajectory stands in sharp contrast to Intel’s, a historic name in microprocessors but one that has struggled in recent years.
Nvidia is now the leader in chips for generative artificial intelligence (AI).
The Dow Jones, which consists of 30 companies, is by far Wall Street’s oldest index, with a 128-year history.
In other key news, ExxonMobil reported a decline in third-quarter profits due to lower earnings in its refining business and falling natural gas prices.
Nonetheless, the company posted a net profit of $8.61 billion, down 5.1% from the same period in 2023 but above FactSet’s projection of $8.28 billion, according to the company.
Net earnings per share came in at $1.92, surpassing analysts’ expectations of $1.88.
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