Walmart’s Nasdaq Debut: Why the Retail Giant Now Trades Like a Tech Stock

Walmart has finally crossed the street.

After more than five decades on the New York Stock Exchange, the world’s largest retailer is now trading on the Nasdaq Global Select Market — and investors are valuing it less like a supermarket and more like a Silicon Valley heavyweight. The move, which became effective on December 9, 2025, caps years of investment in e‑commerce, automation and artificial intelligence and has sparked a fresh debate: should Walmart really be trading like a tech company? ^[1]

Below is a deep dive into what changed, what the latest coverage on December 10, 2025 is saying, and what it all might mean for investors and the wider retail industry.

From NYSE to Nasdaq: A Historic Switch

Walmart first went public on October 1, 1972, listing on the New York Stock Exchange at $16.50 a share. ^[2] More than 50 years later, it has officially moved its common stock — and several bond listings — to the Nasdaq Global Select Market, while keeping its ticker symbol WMT. ^[3]

According to Walmart’s own announcement, the company evaluated factors including trading execution, brand alignment and a shared focus on technology‑driven innovation before deciding to transfer. Management explicitly framed the move as part of its evolution into a “people‑led, tech‑powered omnichannel retailer” and described Nasdaq as the optimal platform to support its ambitions and shareholder returns. ^[4]

On its first Nasdaq trading day, Walmart marked the occasion with a Times Square opening‑bell ceremony, featuring private fleet driver and three‑million‑mile safe driver Matt Brimmeier, a symbolic nod to the company’s frontline workforce. ^[5]

From the exchanges’ perspective, the switch is massive:

When Walmart announced the move in November, Reuters noted that the retailer’s roughly $850+ billion value made it the largest exchange transfer on record, calling it “a coup for Nasdaq” in its long rivalry with the NYSE. ^[6]
Nasdaq officials highlighted Walmart’s automation and AI investments as evidence that the line between “old economy” and tech is increasingly blurred. ^[7]

To investors tracking indexes, the transfer is also about index math, not just symbolism. Analysts expect that joining key Nasdaq benchmarks such as the Nasdaq‑100 could draw substantial passive inflows, with some Wall Street estimates in the tens of billions of dollars over time. ^[8]

A Retailer Priced Like a Tech Giant

The Nasdaq move comes as Walmart’s stock is enjoying a valuation more commonly associated with high‑growth tech.

Recent coverage drawing on Wall Street data shows that:

Walmart is trading at roughly 40 times forward earnings, a multiple that exceeds many traditional tech names and is far above typical consumer‑staples valuations. ^[9]
Its market capitalization recently pushed past $900 billion, placing it in the rarefied club of America’s most valuable public companies. ^[10]
The stock is up around 27–28% in 2025, significantly outpacing Amazon (up about 4% over the same period) and broad consumer ETFs. ^[11]

Sentiment is strikingly one‑sided. The Wall Street Journal recently highlighted that Walmart is the least shorted stock in the S&P 500 and that only one out of 42 analysts rates it a “sell.” ^[12]

Meanwhile, an AI‑driven analysis from AInvest pegs Walmart’s forward P/E at about 38–41x, compared with an industry average in the mid‑30s. The same analysis argues that the premium reflects strong e‑commerce growth and high‑margin digital businesses such as advertising. ^[13]

The valuation question is now front‑and‑center: is Walmart still a defensive retailer, or has it earned a spot in investors’ mental “big tech” bucket?

Inside Walmart’s Tech and AI Playbook

The bull case for Walmart’s tech‑style valuation rests on a simple argument: the fundamentals increasingly look like those of a data‑driven platform company, not a low‑margin big‑box chain.

1. E‑commerce and ultra‑fast delivery

Walmart’s online and omnichannel growth has been relentless:

In its most recent reported quarter, global e‑commerce sales grew about 27–28% year‑over‑year, marking the seventh straight quarter of 20%+ digital growth. ^[14]
Reuters reports that U.S. online sales climbed 28%, driven largely by groceries and faster delivery services. ^[15]
Research cited by AInvest suggests that e‑commerce now accounts for roughly 18% of Walmart’s revenue, up from about 15.4% in 2024, with more than 35% of digital orders fulfilled within three hours. ^[16]
According to BofA Global Research, Walmart can now deliver within three hours to 95% of U.S. households, up from about 76% two years ago. ^[17]

The company’s latest Nasdaq‑era messaging doubles down on speed. A Stocktwits breakdown of Walmart’s new strategy notes:

A push toward one‑hour “Express Delivery” for last‑minute Christmas Eve orders placed up to 5 p.m. local time.
Same‑day delivery of sensitive pharmacy items, including insulin and GLP‑1 weight‑loss drugs, across much of the U.S.
Expansion of drone deliveries in multiple metro markets, a program that broader media have framed as Walmart’s response to Amazon’s ultra‑fast network. ^[18]

Taken together, Walmart’s logistics machine looks a lot less like a traditional retailer’s and much more like a tech‑enabled fulfillment platform.

2. Automation at scale

Behind the delivery promises is a massive automation build‑out:

Walmart executives told analysts that over 40% of its new software code is now AI‑generated or AI‑assisted, reflecting deep use of generative tools in internal systems. ^[19]
More than 60% of U.S. freight now moves through automated distribution centers, and over half of online orders are fulfilled in highly automated facilities. ^[20]
The company is using “agentic AI” to clean up product catalogs and identify assortment gaps, making it easier for customers to find items and for merchants to manage inventory. ^[21]

Walmart’s robotics partner Symbotic — which acquired Walmart’s in‑house robotics arm earlier this year — has seen wild stock swings, underscoring how central automation has become to the retailer’s story. Symbotic’s shares soared triple digits in 2025 before a sharp drop on a dilutive equity offering, even as Walmart continued to fund an ambitious warehouse‑automation rollout. ^[22]

3. AI “super agents” and ChatGPT integration

Walmart has also spent 2025 talking more explicitly about AI agents:

An AI‑themed framework built around several internal “super agents” — nicknamed tools like Sparky for customer recommendations and Marty for supplier and advertiser workflows — is being used to automate routine decisions and personalize experiences. ^[23]
The retailer is among the first major chains to integrate with ChatGPT’s “Instant Checkout”, allowing shoppers to discover, plan and purchase directly through conversational AI experiences. ^[24]

Some of these details are coming through in AI‑assisted analysis like AInvest’s, but they are backed by Walmart’s own public statements and third‑party reporting on its AI roadmap. ^[25]

4. High‑margin digital revenue: advertising and membership

Perhaps the most “tech‑like” part of Walmart’s model is the shift toward high‑margin digital revenue:

Walmart Connect, the company’s ads business, grew around 53–57% year‑over‑year in the latest quarter, according to multiple reports, including Retail TouchPoints and Stocktwits. ^[26]
On a recent earnings call, Walmart’s CFO said that the combination of advertising and membership fees (including Walmart+) accounted for roughly one‑third of consolidated adjusted operating income — a striking figure for what was once a low‑margin retail pure‑play. ^[27]

This ad‑ and membership‑driven margin mix is a big reason analysts now discuss Walmart in the same breath as Amazon, even if its ad revenues still trail the e‑commerce giant’s by a wide margin. ^[28]

New Leadership for a Nasdaq Future

The Nasdaq listing is arriving just as Walmart prepares for a change at the top.

In mid‑November, Walmart’s board elected John Furner, currently President and CEO of Walmart U.S., to succeed Doug McMillon as President and CEO of Walmart Inc., effective February 1, 2026. McMillon will retire as CEO on January 31 but stay on the board through the next shareholders’ meeting to help with the transition. ^[29]

Furner is a true company insider: he started as an hourly associate in 1993 and has held leadership roles across merchandising, operations and sourcing, as well as serving as CEO of Sam’s Club before taking over Walmart U.S. in 2019. ^[30]

In its Nasdaq debut press release, Walmart framed Furner as the person who will “continue to advance its tech‑powered vision, modernize its operations, and enhance the shopping experience” in the next chapter. ^[31]

Meanwhile, McMillon has been candid about why he’s stepping aside now. In a fresh interview highlighted by Business Insider, he said he’s excited to finally see a “blank calendar” in 2026 after more than 40 years at Walmart and over a decade as CEO. He stressed that the move isn’t about doubts over Walmart’s future: during his tenure, the stock has climbed roughly 300%, and he described Furner as “ready to run the next lap better and faster.” ^[32]

His exit fits a broader trend: retail CEO departures are up 34% year‑over‑year, reflecting the pressure created by AI disruption, changing consumer behavior and rising labor costs across the sector. ^[33]

What December 10 Coverage Is Saying Right Now

Today’s news cycle around Walmart — December 10, 2025 — leans heavily into three themes: Nasdaq, tech, and the durability of the rally.

Here’s what the latest pieces are focusing on:

1. Nasdaq era and the “retail‑plus‑tech” identity

Stocktwits describes Walmart as entering its “Nasdaq era” with an eye on one‑hour delivery, drone fulfillment and an “omnichannel, tech‑heavy playbook” as it heads into 2026 under a new CEO. ^[34]
An AI‑curated analysis from AInvest frames the Nasdaq transfer as part of a deliberate attempt to present Walmart as a “hybrid retail‑tech play” with a premium P/E multiple (around 38.7x) that now exceeds the broader sector. It highlights e‑commerce reaching roughly 18% of revenue and AI‑powered tools that are compressing labor time while boosting satisfaction. ^[35]

2. Leadership transition and CEO narratives

Business Insider’s new feature focuses on McMillon’s personal story: four decades at Walmart, a stock price that tripled under his watch, and his eagerness to step back from day‑to‑day management while remaining a supporter from the board. The piece ties his exit to a broader wave of retail CEO turnover as companies adapt to AI and new consumer patterns. ^[36]

3. Ongoing institutional rebalancing

Data compiled by MarketBeat shows a flurry of filings in recent days as institutional holders shuffle their positions: some asset managers have trimmed stakes, while others have added, even as the stock has rallied. The stream also highlights fresh headlines asking whether Walmart remains “a top momentum stock for the long term” after its run‑up and exchange switch. ^[37]

The common thread across today’s coverage: Walmart is no longer being discussed purely as a retailer. Commentators are framing it as a platform blending logistics, AI, digital ads and subscription services — and debating whether that justifies the new valuation.

Should Walmart Really Be Trading Like a Tech Company?

The Wall Street Journal’s headline question — “Should Walmart Really Be Trading Like a Tech Company?” — captures the tension in current analysis. ^[38]

The bull case

Supporters of the current valuation argue that Walmart’s premium is earned, not speculative:

Tech‑driven growth: Consistent double‑digit profit gains in recent years have been powered by e‑commerce, automation and high‑margin digital revenue, not just higher prices on groceries. ^[39]
Logistics moat: With three‑hour delivery available to almost all U.S. households and drone programs expanding, Walmart’s fulfillment speed now rivals or beats many online‑only rivals. ^[40]
High‑income shoppers: Strong performance among wealthier households suggests Walmart is no longer reliant solely on lower‑income shoppers, making its demand profile more resilient. ^[41]
Nasdaq halo effect: The move to Nasdaq and expected inclusion in tech‑heavy indexes could structurally support demand for the shares via passive funds. ^[42]

In this view, Walmart looks like a “defensive growth” tech‑retail hybrid: it retains the everyday‑essentials stability of a grocer while adding the upside of a software‑ and data‑driven platform.

The bear (or at least cautious) case

Skeptics point to several constraints:

Still a retailer at heart: Unlike Alphabet, Amazon or Microsoft, Walmart doesn’t have a hyperscale cloud platform or pure software segment. Its returns are still heavily tied to physical inventory and store traffic. ^[43]
Moderate long‑term growth: Analyst forecasts compiled by the Journal put Walmart’s long‑run earnings growth closer to high single digits, not the 20–30% typically associated with true high‑growth tech. ^[44]
Capex and execution risk: Automation, AI and delivery speed all require heavy capital investment, and missteps — in robotics rollouts, pricing or tariff responses — could dent margins. Symbotic’s share‑price volatility is a reminder that automation bets can cut both ways. ^[45]
Multiple compression risk: If growth normalizes while the stock still trades near 40x earnings, even solid results could lead to valuation compression rather than further upside. ^[46]

In other words: Walmart may deserve a higher multiple than a traditional grocer, but whether it deserves a “big tech” multiple is still an open question.

What It Means for Investors and the Retail Landscape

For investors, Walmart’s Nasdaq debut underlines a bigger shift:

The line between “retail” and “tech” is disappearing.
Nearly every major retailer now talks about AI, but Walmart’s scale — from automation to ad tech — makes it one of the clearest examples of a legacy business rewiring itself around data and software. ^[47]
Indexes and labels matter.
Simply by moving to Nasdaq, Walmart increases its exposure to investors who buy broad tech or Nasdaq‑focused products, which can influence how its stock trades day‑to‑day — even if its underlying business hasn’t changed overnight. ^[48]
Leadership will shape the next phase.
Doug McMillon leaves having proven that a legacy retailer can reinvent itself around e‑commerce and AI. John Furner will be judged on whether he can sustain double‑digit digital growth and keep expanding high‑margin revenue without losing Walmart’s price‑leadership reputation. ^[49]

For the broader sector, Walmart’s Nasdaq era raises the bar. If a “traditional” chain can turn a logistics network into a high‑tech engine and win a near‑tech valuation, competitors may need to accelerate their own AI, automation and media‑platform plans just to keep up.

Quick FAQ

When did Walmart start trading on Nasdaq?

Walmart’s common stock and selected bonds began trading on the Nasdaq Global Select Market on December 9, 2025, after more than five decades on the NYSE. The ticker remains WMT. ^[50]

Does the exchange move change anything for existing shareholders?

Mechanically, no. Existing shares simply migrated from one exchange to another, with no change in share count or ownership claims. But over time, the new listing may influence who owns the stock — particularly passive and tech‑focused funds — and how closely it trades with other Nasdaq names. ^[51]

Is Walmart now officially a “tech company”?

Legally and from an index‑classification standpoint, Walmart is still a consumer‑staples retailer. But its strategy — built around e‑commerce, AI, advertising and memberships — is increasingly tech‑driven, which is why analysts and investors are now debating whether its valuation should resemble that of a tech platform rather than a classic big‑box chain. ^[52]