In Dow Realignment, Nvidia Replaces Rival

The Dow Jones Industrial Average is bouncing Intel in favor of booming rival Nvidia, a change reflecting the reversed fortunes of the two in their competition to profit from chips that run artificial intelligence systems. After 25 years in the index, the pioneering semiconductor company will lose its spot next week. Nvidia's revenue has at least doubled every quarter for more than a year, CNBC reports. Intel, which long dominated chipmaking for PCs, has been struggling in artificial intelligence and losing market share.

S&P Dow Jones Indices said in a statement Friday that the change is being made "to ensure a more representative exposure to the semiconductors industry." At the same time, per the AP, paint company Sherwin-Williams will replace chemical company Dow Inc. among the members that make up the 30-stock average. The Nvidia-Intel swap will mean all of the six trillion-dollar tech companies will be the index. Only Alphabet and Meta will be left out, per CNBC. (More Dow Jones stories.)