The Dow Jones manager also noted that the index is price-weighted, so lower-priced stocks have less of an impact on the index, and it observed that Dow is the smallest company on the index by market cap.

Among the Dow’s newest members, it was paint, not chips, aiding the index today. The Dow Jones Industrial Average finally replaced Intel with Nvidia, but the AI chip titan was actually hurting the blue-chip index in its debut performance.