Wall Street in terms of market value, but in the eyes of the 128-year-old Dow Jones Industrial Average, its stock is ranked well below average. The semiconductor maker and leader of the artificial-intelligence boom officially became a member of the venerable index at 9:30 a.

The change, starting next Friday, lifts a dominant player in artificial intelligence over its chip-making rival, which has struggled to keep up.

Nvidia has emerged as a cornerstone of the global semiconductor industry, and shares have risen more than two-fold this year alone.