Nvidia replaces Intel on the Dow index in AI-driven shift for semiconductor industry

NEW YORK (AP) — Nvidia is replacing Intel on the Dow Jones Industrial Average, ending a 25-year-run for a pioneering semiconductor company that has fallen behind as Nvidia cornered the market for chips that run artificial intelligence systems.

Paint-maker Sherwin-Williams will also replace chemical company Dow Inc. among the companies that make up the 30-stock average.

S&P Dow Jones Indices said Friday that the changes that take effect Nov. 7 “were initiated to ensure a more representative exposure to the semiconductors industry and the materials sector respectively.”

It added that because the Dow is price-weighted, “persistently lower priced stocks have a minimal impact.”

Dow Inc., a major producer of chemicals and plastics and unrelated to the similarly named company behind the index, has also been the smallest company on the Dow in terms of market capitalization.

Intel’s share price has dropped more than 50% so far this year to $23.20. On Thursday, the California chipmaker reported third-quarter revenue of $13.3 billion, down 6% from the same period last year.

Intel CEO Pat Gelsinger said at the time that the company is “acting with urgency” on a plan to reduce costs and simplify its portfolio. By contrast, Nvidia’s shares have risen more than 173% this year to a price of $135.40.

Unlike Intel, Nvidia designs but doesn’t manufacture its own chips, relying heavily on Taiwan Semiconductor Manufacturing Company, an Intel rival.

In another index, the Dow Jones Utility Average, Texas-based energy company Vistra will replace Virginia-based AES Corp.

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TORONTO – Vince Carter spoke about family, legacy, anger, and ultimately, love in an emotional news conference ahead of his jersey being retired by the Toronto Raptors.

Carter will become the first player in Raptors history to be so honoured.

His iconic No. 15 will be hung in the rafters of Scotiabank Arena in a 20-minute ceremony during the intermission of Toronto’s game with the Sacramento Kings tonight.

Carter played the first five years of his NBA career with the Raptors before an acrimonious relationship with team management and fans led to him being traded midseason to the then-New Jersey Nets.

He admitted in the news conference that for a long time he never thought he’d be welcomed back by Toronto basketball fans.

Carter retired from professional basketball in 2020 after 22 years in the NBA and was enshrined in the Naismith Basketball Hall of Fame on Oct. 13.

This report by The Canadian Press was first published Nov. 2, 2024.

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FREDERICTON – New Brunswick’s newly elected Liberal government officially took power on Sunday at a ceremony that saw the party’s leader become the first woman to serve as premier in the province’s history.

Susan Holt and 18 cabinet ministers were officially sworn in at an afternoon ceremony in Fredericton lead by Lt.-Gov. Brenda Murphy.

Members of the new cabinet include Finance Minister and Deputy Premier René Legacy, Health Minister John Dornan, Education Minister Claire Johnson and Justice Minister Rob McKee.

Francine Landry, member for Madawaska Les Lacs-Edmundston, was sworn in as the first francophone female Speaker of the legislative assembly. Holt, who speaks both English and French, will also act as the province’s minister responsible for official languages.

In her first address as premier, Holt thanked New Brunswickers in both languages for putting their trust in her party and promised to “lead with respect, collaboration and transparency.”

“We will be open, we will get out of the backrooms and into communities around the province. New Brunswickers deserve to know the work that is happening on their behalf and to be able to hold us accountable for the commitments we’ve made,” she said.

“We can be fiscally responsible, and we can ensure that New Brunswickers have access to the services they need and deserve,” Holt said, emphasizing health care, housing and education as critical issues her government plans to address.

Holt, who was joined at the ceremony by her husband and three young daughters, also thanked all the female MLAs elected to the legislative assembly before her.

Holt’s Liberals unseated former Progressive Conservative Premier Blaine Higgs in last month’s provincial election, winning 31 seats in the 49-seat legislature and securing a majority mandate. The Progressive Conservatives now hold 16 seats, while the Green Party has two.

Holt, a relative newcomer to the province’s political scene, previously worked as a business advocate and public servant. She won the party’s leadership race in 2022 and was elected to the legislature in an April 2023 byelection.

The Liberals made more than 100 promises during last month’s election campaign, including implementing rent control, increasing access to health services and building more housing.

This report by The Canadian Press was first published Nov. 2, 2024.

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