Walmart is the biggest company on earth by revenue, but they sell groceries. Low-margin, slow-growth, old-school retail. So how did their stock nearly double in 2023? And why are investors treating them like a tech company?
For most of its history, Walmart's share price barely moved. Then came a subtle but massive pivot. As the hype around e-commerce plateaued, people rediscovered the value of in-person shopping and Walmart leaned in.
They launched Walmart+, built a data-rich mobile payment system, and transformed their stores into mini ad networks.
With over 10,000 locations and massive foot traffic, their ad business Walmart Connect quietly became a goldmine. But whether they’re the next Amazon or just got ahead of themselves is still an open question.