Walmart Swaps Wall Street for Silicon Valley With Nasdaq Switch
Julius Caesar crossed the Rubicon, but Walmart just crossed to Nasdaq. After half a century on the NYSE, the world’s largest retailer is set to join Big Tech heavyweights on the premier growth-focused exchange. The power move culminates a 12-year transformation under CEO Doug McMillon, during which the stock quadrupled.
- Originally controversial, McMillon’s plan began with a $2.7B initiative to raise wages, expand parental leave, and fund employee education — triggering sharp sell-offs in at the time.
- He also doubled capital investments to $20B annually — funding automation, robotics in distribution centers, and a crucial pivot to “omnichannel” retail.
The payoff: Once in Amazon’s shadow, Walmart’s turnaround has clawed its way back into a projected duopoly. Notably, research firm Forrester estimates the pair will control two-thirds of a $1.8T US online retail market by 2029, and its tech credentials are shipping. Additionally, the company has delved into a recent OpenAI partnership, which will enable sales through ChatGPT, while launching drone deliveries from six Atlanta stores. McMillon proved physical assets could stand ground to digital disruption, but now his successor gets to find out whether “growth stock” narrative sticks — or if gravity eventually wins.
