S&P DOW JONES INDICES AND MSCI ANNOUNCE CONSULTATION ON POTENTIAL CHANGES TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS®)

NEW YORK, July 17, 2026 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI), a leading provider of financial market indices, and MSCI Inc. (MSCI), a leading provider of critical decision support tools and services have decided to consult with members of the investment community on potential changes to the GICS structure.

The review is intended to ensure that the GICS structure is reflective of today's markets and continues to be an accurate and complete industry framework. 

The consultation begins on July 17, 2026, and ends on October 30, 2026. Any changes to the GICS structure will be announced by November 2026. This consultation may or may not result in any changes to the GICS structure.

Key topics under review*:

• Classification of Artificial Intelligence (AI) related business models
  • Restructuring the Semiconductors Sub-Industry
  • Definition updates for High-Performance Computing As-a-Service (HPCaaS) and AI Data Lifecycle Services
  • Classification of Foundation Model Developers
• Updates to the Application Software Sub-Industry
• Classification of Listed Investment Companies

The consultation document with detailed proposals is available on S&P Dow Jones Indices' Web site at: https://www.spglobal.com/spdji/en/landing/topic/gics/ and MSCI's Web site at: www.msci.com/gics.

* A select list of companies with a market capitalization exceeding USD 2 billion that may be affected by this proposal is available for clients for illustrative purposes.

MODE OF CONSULTATION

There are two options for participating in this year's consultation:

1. Click on the links below to participate in the online survey

• • S&P: Link
  • MSCI: Link

       2. Contact one of the following email addresses with your feedback

• • S&P: index_services@spglobal.com
  • MSCI: clientservice@msci.com 
  • Contact your MSCI / S&P DJI Account Manager

For a detailed description of GICS, please refer to S&P Dow Jones Indices' Web site at https://www.spglobal.com/spdji/en/landing/topic/gics/ or the MSCI's Web site at www.msci.com/gics.

About S&P Dow Jones Indices

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE:SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.

Media Inquiries

spdji.comms@spglobal.com

About MSCI

MSCI (NYSE:MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com. 

The process for submitting a formal index complaint can be found on the index regulation page of MSCI's website at: https://www.msci.com/index-regulation. 

Disclaimer

This document has been prepared by MSCI and S&P Dow Jones Indices LLC and its affiliates ("S&P Dow Jones Indices") solely for informational purposes. All of the information contained herein, including without limitation all text, data, graphs, charts (collectively, the "Information") is the property of MSCI, S&P Dow Jones Indices, or their respective affiliates. The Information may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI and S&P Dow Jones Indices.

None of the proposals or alternatives set forth herein has been adopted by MSCI, S&P Dow Jones Indices or Standard & Poor's Financial Services LLC ("S&P"), an affiliate of S&P Dow Jones Indices, and there is no assurance that they may be considered or adopted, in whole or in part, by any such party.

The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indices, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information. 

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NEITHER MSCI, S&P DOW JONES INDICES, S&P, NOR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESU LTS TO BE OBTAINED BY THE USE THEREOF). TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, MSCI, S&P DOW JONES INDICES, S&P AND THEIR RESPECTIVE AFFILIATE S EXPRESSLY DISCLAIM ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall MSCI, S&P Dow Jones Indices, S&P or any of their respective affiliates have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages.

Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results.

None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle.

The Information does not, and is not intended to, recommend, endorse, approve or otherwise expresses any opinion regarding any issuer, security, financial product or trading strategy and none of the Information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P. "Global Industry Classification Standard (GICS)" is a service mark of MSCI and S&P.

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