Intel (INTC) shares plunging nearly 30% after the company announced a significant cost reduction plan and reported weaker than expected earnings.

The company was already the smallest component of the Dow Jones Industrial Average (^DJI), which is weighted by price. And Friday's move in the stock is raising the question whether the company could get removed from the blue-chip index.

But Barron's senior market analysis writer Paul La Monica suggests it might not happen right away. "It wouldn't surprise me if sometime in 2025 there is a decision to be made," he said about whether Intel gets removed.

And as for who could replace Intel, he went on to say "There are a lot of other chip companies that are better barometers of the semiconductor sector." Some of the names he mentioned were Qualcomm (QCOM), Broadcom (AVGO) and, of course, Nvidia (NVDA). La Monica saying recent stock splits from Nvidia and Broadcom could help their case.

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This post was written by Rachel Sherman.