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Home » Nvidia to Replace Intel on Dow Jones: A New Era for the Chip Giant in Top-Tier Stocks
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Nvidia to Replace Intel on Dow Jones: A New Era for the Chip Giant in Top-Tier Stocks

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The chip giant Nvidia is said to replace Intel in the top-tier Dow Jones Industrial Average, the 30-stock blue-chip index from November 8. Dow is considered to be the primary gauge of the world’s biggest stock market. The report as per S&P Dow Jones Indices.

This will end Intel’s long 25-year run in the Dow. Nvidia will now join Microsoft and Apple, its $3 trillion peer. Other tech giants – Meta, Facebook’s parent company, Amazon, and Google are yet to join the index.

Primarily, Dow is a price-weighted index. It assigns the weightings based on the organisation’s stock prices, that influence the movements. S&P 500 on the other hand uses market capitalisation to assign weightings.

So far, Nvidia shares have touched a whopping 176 per cent in 2024, soaring over seven-fold since early 2023. This growth could be attributed to the growth and use of generative AI. Last Friday, Nvidia closed at $135.37. On the other hand, Intel has seen a drop in stock for over a year. The company is still believed to be struggling to cope with not just the demands of the industry, but also Nvidia’s meteoric rise.

Intel also reported a massive $16.6 billion loss for the third quarter. However, the company’s shares jumped by 8 per cent according to its forecast fourth-quarter revenue numbers.

A Nasdaq survey of over 39 analysts show a projected average price target of $153.86, with a high of $200 for Nvidia. The company is scheduled to report its third-quarter earnings by November 20.

A survey of 39 analysts conducted by the Nasdaq showed a projected average price target of $153.86, with a high estimate of $200. Nvidia is scheduled to report third-quarter earnings on November 20.

The AI boom has undoubtedly helped the meteoric rise of Nvidia. The company has also ramped up production of new AI chips, to address the demand and growing use cases of AI.

However, the markets are also reacting to the US Presidential elections. Apple, the most valuable company in the world today saw a drop in shares by over two per cent after reporting it beat revenue estimates. The Cupertino, California headquartered company posted a 36 per cent annual decline in its fourth quarter earnings report. This was driven by a one time charge of over $10 billion related to a European tax ruling.

Amazon on the other hand saw a jump of 6.2 per cent after it reported a bigger-than-expected profit for the third quarter.

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Kuwait eyes deeper financial sector engagement to support Vision 2035

AlShamlan: KFH remains committed to advancing sustainable growth and aligning with national priorities under Vision…

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