Walmart became the first retailer ever to hit $1 trillion in market valuation yesterday, riding on a year-long rally that has seen its shares rise nearly 26 per cent, putting it in the ranks of Big Tech heavyweights such as Nvidia and Alphabet.
The Bentonville, Arkansas-based chain has cashed in on wealthier consumers choosing the convenience of faster deliveries and flocking to the retailer for discretionary categories, such as apparel and furniture. Over the last decade, Walmart’s stock is up 468pc, compared to a 264pc rise in the S&P 500 index.
US households, particularly low- and middle-income earners, have been under mounting financial strain for some time due to persistent inflation and a cooling job market. Tariffs and uncertainty surrounding the recent US government shutdown have also weighed on spending.
The latest milestone for the company came just two weeks after Walmart replaced British drugmaker AstraZeneca in the tech-focused Nasdaq-100 Index, home to the most valuable non-financial companies.
The company has bet on artificial intelligence, pouring billions into automation in its supply chain to help stock its stores with fresher produce and improve delivery times, as consumers increasingly prefer the convenience of purchasing groceries online.
Walmart joins a roster of US companies valued at $1trn or more, including Nvidia at $4.5trn, Alphabet at $4.1trn, Apple at $3.9trn, Microsoft at $3.1trn, Amazon at $2.6trn, Meta at $1.8trn, Broadcom at $1.6trn, Tesla at $1.6trn and Berkshire Hathaway at $1trn.
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