Alphabet is officially getting the blue-chip stamp. S&P Dow Jones Indices announced on June 23 that Google’s parent company will be added to the Dow Jones Industrial Average effective June 29, 2026, replacing Verizon Communications in the 30-stock index.
Why Verizon, why now
Here’s the thing about the Dow: it’s a price-weighted index. That means a company’s influence on the index depends on its share price, not its total market value. Verizon’s stock had become almost irrelevant to the Dow’s daily moves, accounting for just 0.5% of the index’s overall weight.
Alphabet carries a substantially larger market capitalization and a higher share price. Both factors give it meaningfully more heft inside a price-weighted framework. S&P Dow Jones Indices cited those characteristics as central reasons for the addition, noting that the swap enhances the communications sector’s representation within the index.
Verizon had been a Dow component since 2004.
