NVIDIA replaced Intel in the Dow Jones Industrial Average before trading opened on November 8, 2024. S&P Dow Jones Indices said the swap was intended to give the index more representative exposure to the semiconductor industry; it was a change in index membership, not a forecast or recommendation about either stock.
What changed in the Dow
S&P Dow Jones Indices announced the change on November 1, 2024: NVIDIA Corp. (Nasdaq: NVDA) replaced Intel Corp. (Nasdaq: INTC) in the DJIA effective before the market opened on Friday, November 8, 2024. The provider classified both companies in the same GICS industry category, Semiconductors & Semiconductor Equipment. S&P Dow Jones Indices’ announcement also named two other changes made at the same time: Sherwin-Williams replaced Dow Inc. in the DJIA, and Vistra replaced AES in the Dow Jones Utility Average.
The Associated Press described Intel’s time in the Dow as a 25-year run in its November 2024 coverage. That is AP’s contemporaneous description, rather than an independently stated tenure calculation in the index provider’s notice. The AP report also described the DJIA as a 30-stock average.
Why NVIDIA replaced Intel
S&P Dow Jones Indices said the changes were initiated “to ensure a more representative exposure to the semiconductors industry and the materials sector respectively.” NVIDIA replacing Intel was the semiconductor-industry adjustment; Sherwin-Williams replacing Dow Inc. was the materials-sector adjustment. That is the provider’s stated rationale. The announcement does not establish that AI popularity, market capitalization, or either company’s share-price performance was the decisive cause.
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How price weighting and the divisor adjustment matter
The Dow is price-weighted, so a member’s share price—not its total market value—affects its influence on the index. S&P Dow Jones Indices said persistently lower-priced stocks have minimal impact on the DJIA. Consequently, membership alone does not show how large a company’s influence on the index will be.
The provider also adjusted the DJIA divisor before trading opened on November 8, 2024. The divisor is part of the index calculation; changing it as constituents change is intended to prevent the membership adjustment from distorting the index’s reflection of the U.S. stock market segment it measures. The notice does not quantify a lasting share-price effect for either NVIDIA or Intel.
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What the change does—and does not—say to investors
The swap tells readers that the index’s membership changed to reflect the provider’s stated aim for semiconductor-sector representation. It does not mean NVIDIA and Intel have interchangeable businesses or manufacturing roles, and it is not an S&P Dow Jones Indices endorsement of NVIDIA or a buy-or-sell signal for either stock. The announcement makes no claim about future performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The Dow’s membership continued to change
The NVIDIA-for-Intel swap was not the last membership change. S&P Dow Jones Indices announced on June 23, 2026, that Alphabet would replace Verizon in the DJIA effective before trading opened on June 29, 2026. The later announcement is a reminder that constituents can change over time; it is not a complete DJIA membership list as of October 2026.
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