GoKawiilAlphabet will replace Verizon in the Dow Jones Industrial Average , S&P Global said Tuesday, further expanding megacap technology's presence in the blue-chip average.
S&P Global said the Google parent's A shares — which trade under the ticker GOOGL — would take the spot in the 30-stock index ahead of the start of Monday's trading. Shares of the online search giant rose about 1% after the bell on Tuesday following the announcement.
The California-based company will join megacap tech peers Nvidia , Amazon , Apple and Microsoft in the blue-chip index. S&P Global said Alphabet's inclusion would bolster the Dow's exposure to themes like artificial intelligence, cloud infrastructure and advertising.
Alphabet has been spending heavily on AI, including raising $141 billion in debt and equity since October. The company has been trying to prove that its vertically integrated AI stack can generate returns.
But investors have grown weary recently, with Alphabet closing its worst day on the stock market Monday in more than a year. The stock underperformed both the Nasdaq and the other tech megacaps in the session.