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

Rhea-AI Summary

S&P Dow Jones Indices and MSCI (NYSE: MSCI) launched a market consultation on potential changes to the Global Industry Classification Standard (GICS), running from July 17, 2026 to October 30, 2026. Any resulting changes, which may or may not occur, are expected to be announced by November 2026.

Key topics include classification of AI-related business models, restructuring the Semiconductors sub-industry, updated definitions for HPCaaS and AI Data Lifecycle Services, classification of foundation model developers, updates to the Application Software sub-industry, and classification of listed investment companies. Detailed proposals and an illustrative list of potentially affected companies are available on both firms’ websites.

News Market Reaction – MSCI

-0.56%

-0.56% News Effect

On the day this news was published, MSCI declined 0.56%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

MSCI's partnership announcement on July 9 was followed by a -0.15% 24-hour reaction. That history ad...

Analysis

MSCI's partnership announcement on July 9 was followed by a -0.15% 24-hour reaction. That history adds context to this consultation, while net selling among recent insiders remains a risk factor to watch.

Key Figures

Consultation start: July 17, 2026 Consultation end: October 30, 2026 Potential changes announcement: November 2026 +1 more

4 metrics

Consultation start July 17, 2026 GICS structure review

Consultation end October 30, 2026 GICS structure review

Potential changes announcement November 2026 GICS structure review

Potentially affected company threshold USD 2 billion Market capitalization threshold for illustrative company list

Historical Context

5 past events · Latest: Jul 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 09	Strategic partnership	Positive	-0.1%	Private-markets transparency partnership; 24-hour reaction was -0.15%.
Jul 08	Earnings call notice	Neutral	-0.6%	Second-quarter earnings call scheduled; 24-hour reaction was -0.63%.
Jun 24	Climate data acquisition	Positive	-0.7%	$120 million cash acquisition plus potential earn-outs; reaction was -0.73%.
Jun 23	Market review results	Neutral	-0.7%	Released 2026 market classification review results; reaction was -0.73%.
Jun 22	AI innovation session	Positive	+0.1%	Q&A on private assets and AI-enabled innovation; reaction was +0.11%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent MSCI news coverage mostly produced negative 24-hour reactions, including after partnership and acquisition announcements.

Key Terms

gics, semiconductors sub-industry, hpcaas, foundation model developers

4 terms

gics financial

"potential changes to the GICS structure"

GICS is the Global Industry Classification Standard, a widely used system that groups publicly traded companies into sectors and industries so investors can compare, track and build portfolios by business type. Think of it like supermarket aisles that organize products—GICS organizes companies, making it easier to see trends, measure performance, and manage diversification across areas such as technology, healthcare, or consumer goods.

View in glossary

semiconductors sub-industry financial

"Restructuring the Semiconductors Sub-Industry"

A semiconductors sub-industry is the group of companies that design, manufacture, test, package, or supply materials and equipment for semiconductor chips—the tiny electronic components that power computers, phones, cars and many other devices. Investors care because performance in this group often reflects demand for electronics, supply-chain health, technological shifts (like smaller or faster chips), and capital spending cycles; it acts like the engine sector of the broader electronics economy.

hpcaas technical

"High-Performance Computing As-a-Service (HPCaaS)"

High-performance computing as a service (HPCaaS) is a cloud-based model that provides on-demand access to powerful computing resources, such as clusters, GPUs, and optimized software, for running large simulations, data analytics, or complex models. Like renting a supercomputer by the hour instead of buying one, it matters to investors because it lets businesses handle heavy computing needs with lower upfront capital, flexible scaling, and faster time-to-result, which can affect costs, productivity, and competitive capability.

foundation model developers technical

"Classification of Foundation Model Developers"

Organizations or teams that design, train and maintain large-scale AI systems known as foundation models—broad machine learning models trained on massive amounts of data to perform many different tasks or to be specialized later. They matter to investors because these developers create core technology that can power many products and services across industries, like a factory that builds engines used by many car makers, affecting revenue streams, licensing opportunities, and competitive position.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 Inc.) 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. 

Media Inquiries
PR@msci.com
Melanie Blanco	+1 212 981 1049
Konstantinos Makrygiannis	+44 77 6893 0056
Tina Tan	+852 2844 9320
MSCI Global Client Service:
EMEA Client Service	+ 44 20 7618 2222
Americas Client Service	+1 888 588 4567
Asia Pacific Client Service	+ 852 2844 9333

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.

View original content:https://www.prnewswire.com/news-releases/sp-dow-jones-indices-and-msci-announce-consultation-on-potential-changes-to-the-global-industry-classification-standard-gics-302828876.html

SOURCE S&P Dow Jones Indices

FAQ

What did MSCI (MSCI) and S&P Dow Jones Indices announce about GICS on July 17, 2026?

MSCI and S&P Dow Jones Indices announced a joint consultation on potential changes to the Global Industry Classification Standard (GICS). According to S&P Dow Jones Indices and MSCI, the review aims to keep GICS aligned with current markets and industry structures.

What are the key GICS topics under review by MSCI (MSCI) and S&P Dow Jones Indices (SPGI)?

Key topics include AI-related business model classification, semiconductor sub-industry restructuring, HPCaaS and AI data lifecycle definitions, foundation model developer classification, application software updates, and listed investment company classification. According to MSCI and S&P Dow Jones Indices, these proposals remain subject to feedback and potential non-adoption.

What is the consultation timeline for the proposed GICS changes by MSCI (MSCI) and S&P Dow Jones Indices?

The GICS consultation runs from July 17, 2026 to October 30, 2026. According to MSCI and S&P Dow Jones Indices, any decisions on potential changes will be announced by November 2026, and the consultation may result in no changes.

How can investors participate in the 2026 GICS consultation by MSCI (MSCI) and S&P Dow Jones Indices (SPGI)?

Investors can participate via online surveys hosted separately by S&P Dow Jones Indices and MSCI or by emailing designated client service addresses. According to MSCI and S&P Dow Jones Indices, clients may also provide feedback through their respective account managers.

Will the proposed GICS changes affect specific listed companies, including large-cap stocks?

The consultation may affect certain companies, but no reclassifications are decided yet. According to MSCI and S&P Dow Jones Indices, an illustrative list of companies with market capitalization above USD 2 billion potentially affected is available to clients for reference.

Where can I find the detailed 2026 GICS proposals from MSCI (MSCI) and S&P Dow Jones Indices?

Detailed GICS consultation proposals are available on the S&P Dow Jones Indices and MSCI websites. According to MSCI and S&P Dow Jones Indices, these documents outline potential structural and definitional changes and are provided solely for informational and feedback purposes.