$NVIDIA (NVDA.US)$ After the close of trading on Friday, S&P...

$NVIDIA (NVDA.US)$ After the close of trading on Friday, S&P Dow Jones Indices announced that AI giant NVIDIA Corporation (NASDAQ:NVDA) will replace Intel Corporation (NASDAQ:INTC) in the Dow Jones Industrial Average.

The change will take place effective prior to the market open of trading on Friday, November 8, 2024.

S&P Dow Jones Indices said the changes were made to "ensure a more representative exposure to the semiconductors industry."

Year-to-date, NVIDIA's stock is up 173%, while Intel is down 54%.  NVIDIA is the dominant player in the AI chip sector.  Analysts at BofA Securities expect AI accelerator demand to grow to $280 billion by 2027 and more than $400 billion over time, with NVIDIA garnering 75% of the market share.