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Frosty Piss [soylentnews.org] writes:

Nvidia will replace Intel on the Dow Jones Industrial Average, indicating the massive impact of the AI boom on the semiconductor and tech industries and the entire market. According to CNBC [cnbc.com], this change will happen on November 8, about three months after news of Intel's financial woes broke out.

The move was sparked by Intel's massive stock price drop—over 30% overnight—following the disastrous financial results released last August. The company has been bleeding cash through its data center and foundry divisions, resulting in a $1.6 billion loss for the second quarter of 2024. This was soon followed by news of massive layoffs, with over 15,000 employees affected.

Nvidia shares, on the other hand, have climbed over 170% so far in 2024 after jumping roughly 240% last year, as investors have rushed to get a piece of the AI chipmaker. Nvidia’s market cap has swelled to $3.3 trillion, second only to Apple among publicly traded companies.

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