But the S&P 500 index funds has somewhere around ~$2.5T invested, but that is spread across 500 companies (~$40T total valuation), so it averages $5B per company.
Thus you are correct the S&P 500 is more influential in terms of index fund reallocations, but only roughly 5x more influential.
Since Nvidia was already a part of the S&P 500 (and other similar indices) prior to its big run, those index investors generally profited from its rise. New flows into those funds do help prop it up, though.
The DJIA is a weird historical relic, and there's little reason for anyone to buy a fund tracking it. It's possible that those who did anyways will end up holding a tiny fraction of the bag due to this change, but it's not a big effect.
There is, as far as I can tell, zero point to the dow, it's a completely useless tracker that is reported on because people talk about it because it's reported on.
I am not sure what point you’re making but there is ~$38B invested in index funds (the ones I mention in the previous post) that track the DJIA.
Granted it is a fraction of the index funds which track the S&P 500.
Sounds about the same as:
> that is reported on because people talk about it because it's reported on.
The unique aspect is that a randomly weighted index is just outright stupid however you look at it.