<p><strong>英特爾</strong>(INTC -2.93%) 的股票在週五上漲，儘管其第三季度業績不佳，但對第四季度的展望超出了預期。然而，慶祝的時光並不長，因為 <strong>標普全球</strong> 在盤後宣佈競爭對手 <strong>英偉達</strong> 將取代英特爾在 <strong>道瓊斯工業平均指數</strong>(^DJI -0.61%) 中的位置。</p>
<p>標普全球表示，此舉將更好地代表半導體行業，因為道瓊斯是一個按價格加權的指數，而英偉達的股價遠高於英特爾。實際上，英特爾是 30 只道瓊斯股票中股價最低的，這意味着它對指數的影響最小。該變動將於 11 月 8 日（星期五）生效，屆時該指數還將因類似原因將化工公司 <strong>道瓊斯</strong> 替換為 <strong>舍温 - 威廉姆斯</strong>。</p>
<p>自 1999 年以來，英特爾一直是道瓊斯的成分股，因此這一變動將結束其 25 年的歷史。</p>
<p>在這一消息傳出後，芯片股的股票下跌，在盤後交易中下跌了 1.8%。從道瓊斯的降級並沒有像被移除出 <strong>標普 500</strong> 那樣產生同樣的影響，因為只有少數 ETF 跟蹤道瓊斯。然而，這對英特爾來説又是一個不祥的跡象，因為它正在嘗試進行歷史上最大的轉型努力。</p>
<p>道瓊斯工業平均指數根據需要進行更新，其管理者旨在在所有行業中擁有均衡的股票選擇，基於公司的聲譽、持續增長的歷史和投資者的興趣。道瓊斯不經常更換成分股，因為標普全球追求穩定。然而，隨着英特爾即將被剔除，值得關注的是過去被移除的成分股在被剔除後的表現。</p>
<h2>道瓊斯被剔除者的表現記錄</h2>
<p>在此次公告之前，上一次道瓊斯工業平均指數重組是在 2 月份，當時 <strong>亞馬遜</strong> 替換了 <strong>沃爾格林聯合</strong>。這一變動發生在沃爾格林嚴重下滑之際，指數希望增加對消費零售行業的曝光。</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>沃爾格林的數據來自 YCharts。</p>
<p>自那時以來，沃爾格林繼續掙扎。從上面的圖表可以看出，自那時以來，沃爾格林的股價下跌了 55%，而標普 500 上漲了 13%。根據這些結果，指數管理者通過剔除沃爾格林做出了正確的決定。</p>
<p>在此之前的最後一次道瓊斯變動發生在 2020 年，當時 <strong>埃克森美孚</strong>、<strong>輝瑞</strong> 和 <strong>RTX</strong>（前身為雷神公司）被剔除，取而代之的是 <strong>Salesforce</strong>、<strong>安進</strong> 和 <strong>霍尼韋爾</strong>。下面的圖表顯示了它們自被剔除後表現如何。</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 數據來自 YCharts。</p>
<p>如您所見，這批前道瓊斯股票的表現優於廣泛市場指數，儘管埃克森的股價飆升，因為在疫情期間油價暴跌時，油股大幅下跌。在此之前，最後一家被剔除出道瓊斯的公司是 <strong>通用電氣</strong>，它在 2018 年被沃爾格林取代。通用電氣在今年早些時候分拆為三家公司，分別是 <strong>GE 醫療</strong>、<strong>GE 航空</strong> 和 <strong>GE Vernova</strong>，但在首席執行官拉里·卡爾普的轉型努力下，該股自那時以來表現出色。</p>
<p>最後，<strong>AT&amp;T</strong> 是過去十年中最後一家被剔除出道瓊斯的股票，它在 2015 年被剔除。自那時以來，它的表現不佳，股價下跌了 12%，因為電信市場疲軟，並且失去了對 <strong>T-Mobile</strong> 的市場份額。</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 數據來自 YCharts。</p>
<p>一項 2017 年的研究表明，被剔除出道瓊斯的股票最初會經歷回報下降，但從長遠來看，它們的表現優於被納入指數的股票。然而，這一發現可能並不那麼可靠。</p>
<h2>這對英特爾意味着什麼</h2>
<p>在過去十年中，離開道瓊斯的股票表現各異。沃爾格林、輝瑞和 AT&amp;T 的表現都不及大盤，而埃克森、RTX 和通用電氣則超越了大盤。</p>
<p>顯示前道瓊斯成分股長期表現優於大盤的研究結果對英特爾投資者來説也應是一個鼓舞。最終，近期股票的樣本量太小且差異太大，無法得出明確的結論。英特爾的未來更依賴於其在未來幾個季度內執行轉型的能力，而不是其被剔除出道瓊斯的影響。</p>
<p>英特爾的投資者應關注公司的成本削減舉措、即將推出的 18A 代工工藝，以及旨在與英偉達競爭的人工智能（AI）芯片。如果公司能夠實現反彈，可能會從這些關鍵舉措開始。</p>

英特爾

<p>英特爾的股票在報告出乎意料的第四季度前景後上漲，儘管第三季度的業績不佳。然而，宣佈英偉達將於 11 月 8 日起取代英特爾在道瓊斯工業平均指數中的位置，這標誌着英特爾在該指數中存在了 25 年的歷史的結束。這一變化旨在更好地代表半導體行業。歷史上，從道瓊斯中剔除的公司業績各異，有些在長期內表現優於市場。英特爾的未來取決於其扭轉局面的努力，包括削減成本和在人工智能芯片方面的進展</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>英特爾</strong>(INTC -2.93%) 的股票在週五上漲，儘管其第三季度業績不佳，但對第四季度的展望超出了預期。然而，慶祝的時光並不長，因為 <strong>標普全球</strong> 在盤後宣佈競爭對手 <strong>英偉達</strong> 將取代英特爾在 <strong>道瓊斯工業平均指數</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>標普全球表示，此舉將更好地代表半導體行業，因為道瓊斯是一個按價格加權的指數，而英偉達的股價遠高於英特爾。實際上，英特爾是 30 只道瓊斯股票中股價最低的，這意味着它對指數的影響最小。該變動將於 11 月 8 日（星期五）生效，屆時該指數還將因類似原因將化工公司 <strong>道瓊斯</strong> 替換為 <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 年以來，英特爾一直是道瓊斯的成分股，因此這一變動將結束其 25 年的歷史。</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>在這一消息傳出後，芯片股的股票下跌，在盤後交易中下跌了 1.8%。從道瓊斯的降級並沒有像被移除出 <strong>標普 500</strong> 那樣產生同樣的影響，因為只有少數 ETF 跟蹤道瓊斯。然而，這對英特爾來説又是一個不祥的跡象，因為它正在嘗試進行歷史上最大的轉型努力。</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>道瓊斯工業平均指數根據需要進行更新，其管理者旨在在所有行業中擁有均衡的股票選擇，基於公司的聲譽、持續增長的歷史和投資者的興趣。道瓊斯不經常更換成分股，因為標普全球追求穩定。然而，隨着英特爾即將被剔除，值得關注的是過去被移除的成分股在被剔除後的表現。</p>
</div><h2>The track record of Dow outcasts</h2>
<div class="lb-trans"><h2>道瓊斯被剔除者的表現記錄</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，上一次道瓊斯工業平均指數重組是在 2 月份，當時 <strong>亞馬遜</strong> 替換了 <strong>沃爾格林聯合</strong>。這一變動發生在沃爾格林嚴重下滑之際，指數希望增加對消費零售行業的曝光。</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>沃爾格林的數據來自 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>自那時以來，沃爾格林繼續掙扎。從上面的圖表可以看出，自那時以來，沃爾格林的股價下跌了 55%，而標普 500 上漲了 13%。根據這些結果，指數管理者通過剔除沃爾格林做出了正確的決定。</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>在此之前的最後一次道瓊斯變動發生在 2020 年，當時 <strong>埃克森美孚</strong>、<strong>輝瑞</strong> 和 <strong>RTX</strong>（前身為雷神公司）被剔除，取而代之的是 <strong>Salesforce</strong>、<strong>安進</strong> 和 <strong>霍尼韋爾</strong>。下面的圖表顯示了它們自被剔除後表現如何。</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 數據來自 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>如您所見，這批前道瓊斯股票的表現優於廣泛市場指數，儘管埃克森的股價飆升，因為在疫情期間油價暴跌時，油股大幅下跌。在此之前，最後一家被剔除出道瓊斯的公司是 <strong>通用電氣</strong>，它在 2018 年被沃爾格林取代。通用電氣在今年早些時候分拆為三家公司，分別是 <strong>GE 醫療</strong>、<strong>GE 航空</strong> 和 <strong>GE Vernova</strong>，但在首席執行官拉里·卡爾普的轉型努力下，該股自那時以來表現出色。</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>最後，<strong>AT&amp;T</strong> 是過去十年中最後一家被剔除出道瓊斯的股票，它在 2015 年被剔除。自那時以來，它的表現不佳，股價下跌了 12%，因為電信市場疲軟，並且失去了對 <strong>T-Mobile</strong> 的市場份額。</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 數據來自 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>一項 2017 年的研究表明，被剔除出道瓊斯的股票最初會經歷回報下降，但從長遠來看，它們的表現優於被納入指數的股票。然而，這一發現可能並不那麼可靠。</p>
</div><h2>What it means for Intel</h2>
<div class="lb-trans"><h2>這對英特爾意味着什麼</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>在過去十年中，離開道瓊斯的股票表現各異。沃爾格林、輝瑞和 AT&amp;T 的表現都不及大盤，而埃克森、RTX 和通用電氣則超越了大盤。</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>顯示前道瓊斯成分股長期表現優於大盤的研究結果對英特爾投資者來説也應是一個鼓舞。最終，近期股票的樣本量太小且差異太大，無法得出明確的結論。英特爾的未來更依賴於其在未來幾個季度內執行轉型的能力，而不是其被剔除出道瓊斯的影響。</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>英特爾的投資者應關注公司的成本削減舉措、即將推出的 18A 代工工藝，以及旨在與英偉達競爭的人工智能（AI）芯片。如果公司能夠實現反彈，可能會從這些關鍵舉措開始。</p>
</div>

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

- 英特爾第三季度業績不佳，但第四季度展望超預期。  
- 標普全球宣佈英特爾將被英偉達替換出道瓊斯工業平均指數。  
- 此次變動標誌着英特爾自 1999 年以來的道瓊斯成分股地位結束。  

英特爾剛剛被剔除出道瓊斯指數。歷史表明接下來會發生什麼