Subj : Intel is being kicked off a key Dow Jones Index  and Nvidia is ta
To   : All
From : TechnologyDaily
Date : Mon Nov 04 2024 11:30:05

Intel is being kicked off a key Dow Jones Index  and Nvidia is taking its 
place

Date:
Mon, 04 Nov 2024 11:29:00 +0000

Description:
Nvidia, with its $3 trillion market cap, replaces Intel in the Dow Jones 
Industrial Average index.

FULL STORY
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Intel has been kicked off the Dow Jones Industrial Average index after a 
25-year stint in the latest of a series of setbacks for the chipmaker. 

Nvidia is set to take Intel's place and join the list just weeks after it hit 
a $3 trillion market cap for the second time in 2024 - it currently trails 
Apple as the worlds second-most valuable company. 

Intel stock is down 51% in 2024 to date, making it the worst-performing stock 
on the Dow. It has a market cap of a touch under $99 billion. Nvidia replaces 
Intel on key Dow Jones Index 

S&P Dow Jones Indices confirmed Nvidia, together with paint manufacturing 
company Sherwin-Williams, will join the index. Sherwin-Williams will replace 
Down Inc. 

Intels exit from the index and Nvidias addition highlight the companys 
growing market dominance, driven by a significant boost in AI chip interest 
since the public preview launch of ChatGPT two years ago. Nvidia share prices 
have risen from around $14 in November 2022 to $135.37 today. 

Once a major player in the chip market, Intel missed out on much of the early 
AI opportunity, giving space for Nvidia to dominate a section of the market 
that caters to the hyperscalers that fuel many of the AI servers we rely on. 

Intels most recent quarterly revenue stood at $13.3 billion, down 6.3 
year-over-year from $14.2 billion. Analysts are now predicting the company 
could make its first annual net loss since 1986, with 12 months revenue 
expected to be around $54 billion when it announces its final quarter in 
three months time. 

Losing the status of Dow Jones inclusion would be another reputational blow 
for Intel, as it grapples with a painful transformation and loss of 
confidence," Susannah Streeter, head of money and markets at Hargreaves 
Lansdown, commented. 

Intel laid off 15,000 workers, or 15% of its then headcount , in August 2024, 
blaming high costs and low margins, with company CEO Pat Gelsinger aiming to 
save the chipmaker $10 billion by 2025. More from TechRadar Pro Check out the 
best AI writers Upgrade your own PC with our selection of the best processors 
Nvidia could be about to knock Apple off the top spot for most valuable 
company



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Link to news story:
https://www.techradar.com/pro/intel-is-being-kicked-off-a-key-dow-jones-index-
and-nvidia-is-taking-its-place


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