Nvidia to join Dow Jones Industrial Average, replacing Intel [Video]

Chip giant Nvidia will join the Dow Jones Industrial Average, the iconic Wall Street index announced Friday, underscoring the importance of artificial intelligence in the US economy.

The addition of Nvidia, which will take effect on November 8, also marks a historic moment for the semiconductor industry, as the AI chip leader replaces struggling rival Intel, which has been on the Dow index since 1999.

S&P Dow Jones Indices, the company that runs the index, also said it would add paint manufacturer Sherwin-Williams, replacing chemical giant Dow.

Shares of Nvidia have climbed over 180 percent this year as tech giants clamor for its powerful and high cost processors that power generative AI, the technology that is widely seen as the next phase of innovation.

Intel, one of Silicon Valley’s most iconic companies, has seen its shares fall 50 percent so far this year as the company struggles to meet the …