The historic addition of artificial intelligence (AI) colossus Nvidia may spell trouble for Wall Street's most iconic index.

Chip giant Nvidia will join the Dow Jones Industrial Average, the iconic Wall Street index announced Friday, underscoring the importance of artificial intelligence in the US economy.

U.S. stocks were higher after the close on Friday, as gains in the Consumer Goods, Utilities and Financials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.63% to hit a new all time high,

When the Dow Jones was officially incepted on May 26, 1896, it was comprised of a dozen companies, most of which were tied to the industrial sector. Today, it contains an assortment of 30 historically profitable, time-tested, industry-leading businesses.