NEW YORK (AP) — Nvidia is replacing Intel on the Dow Jones Industrial Average, ending a 25-year-run for a pioneering semiconductor company that has fallen behind as Nvidia cornered the market for chips that run artificial intelligence systems.
Paint-maker Sherwin-Williams will also replace chemical company Dow Inc. among the companies that make up the 30-stock average.
S&P Dow Jones Indices said Friday that the changes that take effect Nov. 7 “were initiated to ensure a more representative exposure to the semiconductors industry and the materials sector respectively.”
It added that because the Dow is price-weighted, “persistently lower priced stocks have a minimal impact.”
Dow Inc., a major producer of chemicals and plastics and unrelated to the similarly named company behind the index, has also been the smallest company on the Dow in terms of market capitalization.
In another index, the Dow Jones Utility Average, Texas-based energy company Vistra will replace Virginia-based AES Corp.
FILE -The logo of semiconductor chip maker Intel is pictured at the Paris games week in Paris, Nov. 4, 2017. (AP Photo/Christophe Ena, File)
LONDON (AP) — The first Black woman to lead a major U.K. political party, Kemi Badenoch is an upbeat and outspoken libertarian who thinks the British state is broken — and that she's the one to fix it with smaller government and radical new ideas.
The new leader of Britain’s right-of-center Conservative Party was born Olukemi Adegoke in London in 1980 to well-off Nigerian parents — a doctor and an academic — and spent much of her childhood in the West African country.
She has said that the experience of Nigeria’s economic and social upheavals shaped her political outlook.
“I grew up somewhere where the lights didn’t come on, where we ran out of fuel frequently despite being an oil-producing country,” Badenoch told the BBC last week.
“I don’t take what we have in this country for granted,” she said. “I meet a lot of people who assume that things are good here because things are good here and they always will be. They don’t realize just how much work and sacrifice was required in order to get that.”
Returning to the U.K. aged 16 during a period of turmoil in Nigeria, she worked part-time at McDonalds while completing school, then studied computer systems engineering at the University of Sussex. She later got a law degree and worked in financial services.
In 2012, she married banker Hamish Badenoch, with whom she has three children.
She was elected to the London Assembly in 2015 and to Parliament in 2017. She held a series of government posts in the 2019-22 government of Prime Minister Boris Johnson, before becoming part of a mass ministerial exodus in July 2022 over a series of ethics scandals that triggered Johnson’s downfall.
Badenoch ran unsuccessfully to succeed Johnson, boosting her profile in the process. She was appointed trade secretary in the 49-day government of Prime Minister Liz Truss, and business secretary under Prime Minister Rishi Sunak.
She held onto her seat in Parliament in July's national election, which saw the Labour Party win a huge majority and the Conservatives reduced to 121 lawmakers in the 650-seat House of Commons.
Like many Conservatives, Badenoch idolizes Margaret Thatcher, the party’s first female leader, who transformed Britain with her free-market policies in the 1980s. Citing her engineering background as evidence she’s a problem-solver, she depicts herself as a disruptor, arguing for a low-tax, free-market economy and pledging to “rewire, reboot and reprogram” the British state.
A critic of multiculturalism and self-proclaimed enemy of wokeness, Badenoch is an opponent of “identity politics,” gender-neutral bathrooms and government plans to reduce U.K. carbon emissions.
Supporters think her charismatic, outspoken style is just what the Conservative Party needs to come back from its worst-ever election defeat. During her leadership campaign, her backers wore T-shirts urging: “Be more Kemi.”
Critics say Badenoch has clashed with colleagues and civil servants and has a tendency to make rash statements and provoke unnecessary fights. During the leadership campaign she drew criticism for saying that “not all cultures are equally valid,” and for suggesting that maternity pay was excessive — though she later backtracked on that claim.
“I do speak my mind,” she told the BBC. “And I tell the truth.”
FILE - Conservative leadership candidate Kemi Badenoch addresses members during the Conservative Party Conference at the International Convention Centre in Birmingham, England, Wednesday, Oct. 2, 2024. (AP Photo/Kin Cheung, File)
Britain's Member of Parliament Kemi Badenoch, smiles as she poses for the media after being elected as the new leader of the opposition Conservative Party, in London, Saturday, Nov. 2, 2024. (AP Photo/Alberto Pezzali)
