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.

The Dow Jones Industrial Average held most of its midday gains in the afternoon session Wednesday as an inflation report showed price gains were in line with estimates. Meanwhile, a company backed by artificial intelligence giant Nvidia took a dive in the stock market today.