Around $23 per share, Intel is no longer a viable member of the Dow Jones Industrial Average.

That was the conclusion of the S&P Dow Jones committee, which decides when to make changes to the 30-member index, long considered a key barometer of the U.S. economy.

After markets closed Friday, S&P said Intel is out. It will be replaced by a rival chipmaker on November 8 Nvidiawhich has developed into the second most valuable publicly traded company in the world, just by a whisker Apple from Monday.

With the change, four of the six trillion-dollar companies in the technology sector will be in the Dow Jones, while internet giants Alphabet And Meta still on the outside. For these two companies, there are no obvious members that need to be replaced. Nvidia, on the other hand, recently surpassed Intel as the largest chipmaker by revenue, creating a clear one-for-one trade opportunity.

A defining characteristic of the Dow Jones is that it is a price-weighted index. This means that the significance of a stock is based on its price and not on the company’s market capitalization. Beaten by Nvidia in artificial intelligence while losing market share in the core PC and data center processor market, Intel has seen its share price plummet by more than half this year, closing at $23.20 on Friday.

Now Intel is by far the least significant member of the Dow Jones, with a weighting of less than 0.5%. The next lowest priced stock is Verizon around $41. Because Intel is the only chipmaker in the index, the sector is underrepresented relative to its position in the economy.

“A big part of the decision is that the semifinals were not represented,” Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said in an interview. “Industry representation and price are important.”

Nvidia’s stock works in the company’s favor. Based on market capitalization, Nvidia would be worth more than 18% of the index, but its share price will only give it the 21st highest weighting, after Chevron and forward 3M. Nvidia positioned itself to join the Dow Jones in May, when the company announced a 10-for-1 stock split.

Silverblatt said the technology industry’s weighting in the Dow Jones will rise from 18.9% to about 19.5%, even though the market weight will be around 58%. The bigger weighting change comes with Sherwin Williams join the index and replace at the same time Dow Inc.taking the materials sector from less than 1% to around 5%, Silverblatt said.

As for Alphabet and Meta, the wait could still be long. Amazon joined the Dow Jones in January, giving the internet sector greater representation in the index. Alphabet’s position is somewhat complicated by the fact that its Class A and C shares are both publicly traded. Meta’s price of nearly $562 would currently give it the heaviest weighting in the Dow Jones, just ahead UnitedHealth Group.

Given the increased overall representation of tech, there are no clear steps forward that would include Silicon Valley’s megacaps.

“To put one in, you have to take one out,” Silverblatt said. “It’s going to be hard to make it a Dow 31.”

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