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Nvidia ousts Intel from Dow Jones Index after 25-year run
Stock index switch-up reflects symbolic market shift as chip industry refocuses around AI.
Intel's stock has dropped 54 percent this year, making it the worst performer on the Dow, and the company now holds a market value of under $100 billion for the first time in three decades, Reuters reported. While the rise of AI has caused a surge in several tech stocks, it has delivered tough times for chipmaker Intel, which is perhaps best known for manufacturing CPUs that power Windows-based PCs. Intel recently withdrew its forecast to sell over $500 million worth of AI-focused Gaudi chips in 2024, a target CEO Pat Gelsinger had promoted after initially pushing his team to project $1 billion in sales.
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