Alphabet Inc. Ascends to the Dow Jones, Ousting Verizon on June 29
In a landmark shift for one of Wall Street’s most iconic indexes, Alphabet Inc. (GOOGL), the parent company of Google, has been officially announced as the newest addition to the Dow Jones Industrial Average (DJIA). S&P Dow Jones Indices confirmed on June 23, 2026, that Alphabet will replace Verizon Communications in the 30-stock blue-chip index, effective before the market open on Monday, June 29, 2026.
This change signifies the first update to the Dow’s composition since November 2024, and brings the total number of Magnificent Seven stocks in the index to five, alongside Nvidia, Amazon, Apple, and Microsoft. Verizon’s removal was largely driven by its diminishing influence — the telecom giant had accounted for only about 0.5% of the price-weighted index due to its comparatively low share price.
S&P Dow Jones Indices noted that Alphabet’s inclusion enhances the index’s exposure to artificial intelligence, cloud infrastructure, and digital advertising. Alphabet has invested heavily in AI, raising $141 billion in debt and equity since October 2024. The company’s diversified portfolio spans:
- Google Search
- YouTube — which generated $9.9 billion in Q1 2026 revenue alone
- Google Cloud
- The Gemini AI model family
- Waymo self-driving cars
- Eighth-generation Tensor Processing Unit chips
Alphabet shares rose approximately 1% after the announcement.
Source: CNBC – Alphabet added to Dow Jones Industrial Average, replacing Verizon