<p><strong>英特尔</strong>(INTC -2.93%) 的股票在周五上涨，尽管其第三季度业绩不佳，但对第四季度的展望超出了预期。然而，庆祝的时光并不长，因为 <strong>标普全球</strong> 在盘后宣布竞争对手 <strong>英伟达</strong> 将取代英特尔在 <strong>道琼斯工业平均指数</strong>(^DJI -0.61%) 中的位置。</p>
<p>标普全球表示，此举将更好地代表半导体行业，因为道琼斯是一个按价格加权的指数，而英伟达的股价远高于英特尔。实际上，英特尔是 30 只道琼斯股票中股价最低的，这意味着它对指数的影响最小。该变动将于 11 月 8 日（星期五）生效，届时该指数还将因类似原因将化工公司 <strong>道琼斯</strong> 替换为 <strong>舍温 - 威廉姆斯</strong>。</p>
<p>自 1999 年以来，英特尔一直是道琼斯的成分股，因此这一变动将结束其 25 年的历史。</p>
<p>在这一消息传出后，芯片股的股票下跌，在盘后交易中下跌了 1.8%。从道琼斯的降级并没有像被移除出 <strong>标普 500</strong> 那样产生同样的影响，因为只有少数 ETF 跟踪道琼斯。然而，这对英特尔来说又是一个不祥的迹象，因为它正在尝试进行历史上最大的转型努力。</p>
<p>道琼斯工业平均指数根据需要进行更新，其管理者旨在在所有行业中拥有均衡的股票选择，基于公司的声誉、持续增长的历史和投资者的兴趣。道琼斯不经常更换成分股，因为标普全球追求稳定。然而，随着英特尔即将被剔除，值得关注的是过去被移除的成分股在被剔除后的表现。</p>
<h2>道琼斯被剔除者的表现记录</h2>
<p>在此次公告之前，上一次道琼斯工业平均指数重组是在 2 月份，当时 <strong>亚马逊</strong> 替换了 <strong>沃尔格林联合</strong>。这一变动发生在沃尔格林严重下滑之际，指数希望增加对消费零售行业的曝光。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa9d7780cf4589d7c48c6375694ca6f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa9d7780cf4589d7c48c6375694ca6f.png"/></p>
<p>沃尔格林的数据来自 YCharts。</p>
<p>自那时以来，沃尔格林继续挣扎。从上面的图表可以看出，自那时以来，沃尔格林的股价下跌了 55%，而标普 500 上涨了 13%。根据这些结果，指数管理者通过剔除沃尔格林做出了正确的决定。</p>
<p>在此之前的最后一次道琼斯变动发生在 2020 年，当时 <strong>埃克森美孚</strong>、<strong>辉瑞</strong> 和 <strong>RTX</strong>（前身为雷神公司）被剔除，取而代之的是 <strong>Salesforce</strong>、<strong>安进</strong> 和 <strong>霍尼韦尔</strong>。下面的图表显示了它们自被剔除后表现如何。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c22930b6a3ebd2d744561ad76b7d86a0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c22930b6a3ebd2d744561ad76b7d86a0.png"/></p>
<p>^SPX 数据来自 YCharts。</p>
<p>如您所见，这批前道琼斯股票的表现优于广泛市场指数，尽管埃克森的股价飙升，因为在疫情期间油价暴跌时，油股大幅下跌。在此之前，最后一家被剔除出道琼斯的公司是 <strong>通用电气</strong>，它在 2018 年被沃尔格林取代。通用电气在今年早些时候分拆为三家公司，分别是 <strong>GE 医疗</strong>、<strong>GE 航空</strong> 和 <strong>GE Vernova</strong>，但在首席执行官拉里·卡尔普的转型努力下，该股自那时以来表现出色。</p>
<p>最后，<strong>AT&amp;T</strong> 是过去十年中最后一家被剔除出道琼斯的股票，它在 2015 年被剔除。自那时以来，它的表现不佳，股价下跌了 12%，因为电信市场疲软，并且失去了对 <strong>T-Mobile</strong> 的市场份额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b4e36631f8e0a8620dd51dadf44c349d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b4e36631f8e0a8620dd51dadf44c349d.png"/></p>
<p>^SPX 数据来自 YCharts。</p>
<p>一项 2017 年的研究表明，被剔除出道琼斯的股票最初会经历回报下降，但从长远来看，它们的表现优于被纳入指数的股票。然而，这一发现可能并不那么可靠。</p>
<h2>这对英特尔意味着什么</h2>
<p>在过去十年中，离开道琼斯的股票表现各异。沃尔格林、辉瑞和 AT&amp;T 的表现都不及大盘，而埃克森、RTX 和通用电气则超越了大盘。</p>
<p>显示前道琼斯成分股长期表现优于大盘的研究结果对英特尔投资者来说也应是一个鼓舞。最终，近期股票的样本量太小且差异太大，无法得出明确的结论。英特尔的未来更依赖于其在未来几个季度内执行转型的能力，而不是其被剔除出道琼斯的影响。</p>
<p>英特尔的投资者应关注公司的成本削减举措、即将推出的 18A 代工工艺，以及旨在与英伟达竞争的人工智能（AI）芯片。如果公司能够实现反弹，可能会从这些关键举措开始。</p>

英特尔

<p>英特尔的股票在报告出乎意料的第四季度前景后上涨，尽管第三季度的业绩不佳。然而，宣布英伟达将于 11 月 8 日起取代英特尔在道琼斯工业平均指数中的位置，这标志着英特尔在该指数中存在了 25 年的历史的结束。这一变化旨在更好地代表半导体行业。历史上，从道琼斯中剔除的公司业绩各异，有些在长期内表现优于市场。英特尔的未来取决于其扭转局面的努力，包括削减成本和在人工智能芯片方面的进展</p>

<p><strong>Intel</strong>(INTC -2.93%) stock popped Friday after it reported ugly third-quarter results but its outlook for the fourth quarter was better than expected. However, the celebration was short-lived, as <strong>S&amp;P Global</strong> announced after hours that rival <strong>Nvidia</strong> would replace Intel in the <strong>Dow Jones Industrial Average</strong>(^DJI -0.61%).</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -2.93%) 的股票在周五上涨，尽管其第三季度业绩不佳，但对第四季度的展望超出了预期。然而，庆祝的时光并不长，因为 <strong>标普全球</strong> 在盘后宣布竞争对手 <strong>英伟达</strong> 将取代英特尔在 <strong>道琼斯工业平均指数</strong>(^DJI -0.61%) 中的位置。</p>
</div><p>S&amp;P Global said that the move would give a more representative exposure to the semiconductor industry as the Dow Jones is a price-weighted index and Nvidia's share price is much higher than Intel's. In fact, Intel had the lowest share price of any of the 30 Dow stocks, meaning it had the least influence on the index. The move will go into effect on Friday, Nov. 8, when the index will also swap out chemical company <strong>Dow</strong> for <strong>Sherwin-Williams</strong> for similar reasons.</p>
<div class="lb-trans"><p>标普全球表示，此举将更好地代表半导体行业，因为道琼斯是一个按价格加权的指数，而英伟达的股价远高于英特尔。实际上，英特尔是 30 只道琼斯股票中股价最低的，这意味着它对指数的影响最小。该变动将于 11 月 8 日（星期五）生效，届时该指数还将因类似原因将化工公司 <strong>道琼斯</strong> 替换为 <strong>舍温 - 威廉姆斯</strong>。</p>
</div><p>Intel has been a Dow component since 1999, so the move will bring its 25-year run to an end.</p>
<div class="lb-trans"><p>自 1999 年以来，英特尔一直是道琼斯的成分股，因此这一变动将结束其 25 年的历史。</p>
</div><p>Shares of the chip stock sold off on the news, falling 1.8% in the after-hours session. The demotion from the Dow doesn't have the same impact that removal from the <strong>S&amp;P 500</strong> would, as only a few ETFs track the Dow. However, it's another inauspicious sign for Intel as it attempts what's arguably the biggest turnaround effort in its history.</p>
<div class="lb-trans"><p>在这一消息传出后，芯片股的股票下跌，在盘后交易中下跌了 1.8%。从道琼斯的降级并没有像被移除出 <strong>标普 500</strong> 那样产生同样的影响，因为只有少数 ETF 跟踪道琼斯。然而，这对英特尔来说又是一个不祥的迹象，因为它正在尝试进行历史上最大的转型努力。</p>
</div><p>The DJIA is updated on an as-needed basis, and its managers aim to have a balanced selection of stocks across all sectors, based on company reputation, a history of sustained growth, and interest to investors. The Dow doesn't switch components often as S&amp;P Global aims for stability. However, as Intel gets set to be dropped, it's worth looking at how past components have fared after being removed from the Dow.</p>
<div class="lb-trans"><p>道琼斯工业平均指数根据需要进行更新，其管理者旨在在所有行业中拥有均衡的股票选择，基于公司的声誉、持续增长的历史和投资者的兴趣。道琼斯不经常更换成分股，因为标普全球追求稳定。然而，随着英特尔即将被剔除，值得关注的是过去被移除的成分股在被剔除后的表现。</p>
</div><h2>The track record of Dow outcasts</h2>
<div class="lb-trans"><h2>道琼斯被剔除者的表现记录</h2>
</div><p>Prior to this announcement, the last time the Dow Jones Industrial Average reshuffled was when <strong>Amazon</strong> replaced <strong>Walgreens Boots Alliance</strong> in February. That move came as Walgreens was badly faltering, and the index sought to increase its exposure to the consumer retail sector.</p>
<div class="lb-trans"><p>在此次公告之前，上一次道琼斯工业平均指数重组是在 2 月份，当时 <strong>亚马逊</strong> 替换了 <strong>沃尔格林联合</strong>。这一变动发生在沃尔格林严重下滑之际，指数希望增加对消费零售行业的曝光。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4aa9d7780cf4589d7c48c6375694ca6f.png" alt="" original-src="https://media.ycharts.com/charts/4aa9d7780cf4589d7c48c6375694ca6f.png"/></p>
<p>WBA data by YCharts.</p>
<div class="lb-trans"><p>沃尔格林的数据来自 YCharts。</p>
</div><p>Since then, Walgreens has continued to struggle. As you can see from the chart above, the stock has fallen 55% since then, while the S&amp;P 500 is up 13%. Based on those results, it looks like the index manager made the right call by dropping Walgreens.</p>
<div class="lb-trans"><p>自那时以来，沃尔格林继续挣扎。从上面的图表可以看出，自那时以来，沃尔格林的股价下跌了 55%，而标普 500 上涨了 13%。根据这些结果，指数管理者通过剔除沃尔格林做出了正确的决定。</p>
</div><p>The last changes in the Dow before that came in 2020, when <strong>ExxonMobil</strong>, <strong>Pfizer</strong>, and <strong>RTX</strong> (formerly Raytheon) were removed from the index in favor of <strong>Salesforce</strong>, <strong>Amgen</strong>, and <strong>Honeywell</strong>. The chart below shows how they've performed since they were removed from the Dow.</p>
<div class="lb-trans"><p>在此之前的最后一次道琼斯变动发生在 2020 年，当时 <strong>埃克森美孚</strong>、<strong>辉瑞</strong> 和 <strong>RTX</strong>（前身为雷神公司）被剔除，取而代之的是 <strong>Salesforce</strong>、<strong>安进</strong> 和 <strong>霍尼韦尔</strong>。下面的图表显示了它们自被剔除后表现如何。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c22930b6a3ebd2d744561ad76b7d86a0.png" alt="" original-src="https://media.ycharts.com/charts/c22930b6a3ebd2d744561ad76b7d86a0.png"/></p>
<p>^SPX data by YCharts.</p>
<div class="lb-trans"><p>^SPX 数据来自 YCharts。</p>
</div><p>As you can see, that batch of former Dow stocks has outperformed the broad-market index, though Exxon shares have soared, as oil stocks were down sharply as oil prices crashed during the pandemic. Before that, the last company to be removed from the Dow was <strong>General Electric</strong>, which was replaced by Walgreens in 2018. GE split into three companies, <strong>GE Healthcare</strong>, <strong>GE Aviation</strong>, and <strong>GE Vernova</strong> earlier this year, but the stock, driven by CEO Larry Culp's turnaround efforts, has been a winner since then.</p>
<div class="lb-trans"><p>如您所见，这批前道琼斯股票的表现优于广泛市场指数，尽管埃克森的股价飙升，因为在疫情期间油价暴跌时，油股大幅下跌。在此之前，最后一家被剔除出道琼斯的公司是 <strong>通用电气</strong>，它在 2018 年被沃尔格林取代。通用电气在今年早些时候分拆为三家公司，分别是 <strong>GE 医疗</strong>、<strong>GE 航空</strong> 和 <strong>GE Vernova</strong>，但在首席执行官拉里·卡尔普的转型努力下，该股自那时以来表现出色。</p>
</div><p>Finally, <strong>AT&amp;T</strong> was the last stock in the last decade to be removed from the Dow as it was ousted in 2015. It has underperformed badly since then with a share price down 12% as the telecom market has been sluggish and it's lost market share to <strong>T-Mobile</strong>.</p>
<div class="lb-trans"><p>最后，<strong>AT&amp;T</strong> 是过去十年中最后一家被剔除出道琼斯的股票，它在 2015 年被剔除。自那时以来，它的表现不佳，股价下跌了 12%，因为电信市场疲软，并且失去了对 <strong>T-Mobile</strong> 的市场份额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b4e36631f8e0a8620dd51dadf44c349d.png" alt="" original-src="https://media.ycharts.com/charts/b4e36631f8e0a8620dd51dadf44c349d.png"/></p>
<p>^SPX data by YCharts.</p>
<div class="lb-trans"><p>^SPX 数据来自 YCharts。</p>
</div><p>One 2017 study showed that stocks removed from the Dow initially experience decreased returns, but over the long run, they outperform stocks that have been added to the index. However, that finding might not be as reliable.</p>
<div class="lb-trans"><p>一项 2017 年的研究表明，被剔除出道琼斯的股票最初会经历回报下降，但从长远来看，它们的表现优于被纳入指数的股票。然而，这一发现可能并不那么可靠。</p>
</div><h2>What it means for Intel</h2>
<div class="lb-trans"><h2>这对英特尔意味着什么</h2>
</div><p>Over the last decade, results of stocks that have left the Dow have been mixed. Walgreens, Pfizer, and AT&amp;T have all underperformed the market, while Exxon, RTX, and GE have beaten it.</p>
<div class="lb-trans"><p>在过去十年中，离开道琼斯的股票表现各异。沃尔格林、辉瑞和 AT&amp;T 的表现都不及大盘，而埃克森、RTX 和通用电气则超越了大盘。</p>
</div><p>The study showing long-term outperformance for ex-Dow components should also be encouraging for Intel investors. Ultimately, the sample size of recent stocks is too small and varied to draw a clear conclusion. Intel's future depends much more on its ability to execute its turnaround in the coming quarters than it does on its removal from the Dow.</p>
<div class="lb-trans"><p>显示前道琼斯成分股长期表现优于大盘的研究结果对英特尔投资者来说也应是一个鼓舞。最终，近期股票的样本量太小且差异太大，无法得出明确的结论。英特尔的未来更依赖于其在未来几个季度内执行转型的能力，而不是其被剔除出道琼斯的影响。</p>
</div><p>Intel investors should pay attention to the company's cost-cutting initiatives, upcoming 18A foundry process, and its artificial intelligence (AI) chips that are designed to keep up with Nvidia. If the company can make a comeback, it will likely start with those key initiatives.</p>
<div class="lb-trans"><p>英特尔的投资者应关注公司的成本削减举措、即将推出的 18A 代工工艺，以及旨在与英伟达竞争的人工智能（AI）芯片。如果公司能够实现反弹，可能会从这些关键举措开始。</p>
</div>

Intel Was Just Dropped From the Dow. History Says This Is What Will Happens Next.

- 英特尔第三季度业绩不佳，但第四季度展望超预期。  
- 标普全球宣布英特尔将被英伟达替换出道琼斯工业平均指数。  
- 此次变动标志着英特尔自 1999 年以来的道琼斯成分股地位结束。  

英特尔刚刚被剔除出道琼斯指数。历史表明接下来会发生什么