Intel Stock Has Soared Since Its Dow Ouster — Even Outrunning Nvidia, Its Replacement

Intel Corporation (NASDAQ:INTC) had a 2024 to forget. The chipmaker lost more than 50% of its market value, and its stock was kicked out of the Dow Jones Industrial Average after 25 years. One year later, the picture looks very different.

Intel shares are now trading at sharply higher levels. What’s ahead for INTC stock?

Intel’s Big Comeback

After 25 years in the Dow Jones Industrial Average, which is tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), Intel was removed and replaced by semiconductor peer NVIDIA Corporation (NASDAQ:NVDA) on Nov. 8, 2024.

The move came after Intel stock had struggled in recent years. In fact, Intel shares lost value over their 25 years in the Dow Jones Industrial Average.

The decision followed years of underperformance. Intel shares actually declined over their entire 25‑year tenure in the index. When Intel joined the Dow on Nov. 1, 1999, the stock traded between $37.97 and $39.16 (not adjusted for dividends). On the day it was removed, the stock traded between $25.83 and $26.43.

Intel stock lost 59.6% of its value in 2024, making it the second-worst performer in the Dow that year, trailing only the 63.2% decline of the Walgreens stock.

But 2025 has brought a dramatic reversal. Intel shares are up 80% year‑to‑date at the time of writing, lifted by renewed enthusiasm for artificial intelligence across the semiconductor sector and fresh U.S. government investment in the company.

Nvidia has also taken a stake in Intel, completing a purchase first announced in September. Nvidia now owns roughly 214 million Intel shares, giving it — like the U.S. government — a vested interest in Intel’s future trajectory.

Read Also: Intel Stock Surges On Q3 Earnings Beat As AI Accelerates Demand For Compute

Intel vs. Nvidia

Intel and Nvidia will be linked going forward thanks to Nvidia’s investment in its smaller rival, but the two companies also share a notable connection through the Dow Jones Industrial Average.

When Intel was removed from the Dow on Nov. 8, 2024, it was replaced by the larger and faster‑growing Nvidia — a move many analysts had anticipated and one that seemed overdue. Yet the timing proved awkward. Nvidia shares fell for months after joining the index and, more than a year later, have not delivered the gains some expected.

Intel, meanwhile, has outperformed. Since its removal from the Dow, Intel shares are up 40.1%, compared to a 25.9% gain for Nvidia over the same period. Both have beaten the 14.3% year‑to‑date return of the SPDR Dow Jones Industrial Average ETF Trust, but Intel’s stronger rebound raises questions about whether the index change was poorly timed — or whether Nvidia should have been added much earlier.

Intel first joined the Dow on Nov. 1, 1999, alongside Microsoft Corporation. They were the first Nasdaq‑listed companies — and among the earliest major technology names — to enter the index. Cisco, Apple, and Amazon.com have since followed.

Nvidia may ultimately prove to be the stronger long‑term contributor to the Dow, but the timing of the Intel‑for‑Nvidia swap was far from ideal for index investors and the ETFs that track it.

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