U.S. retail giant Walmart will leave the New York Stock Exchange (NYSE) for Nasdaq for the first time in 53 years. As artificial intelligence (AI) spreads across retail operations, the move is seen as a strategic shift to reorganize the business around technology.
On the 20th (local time), Walmart said in its earnings release that it will begin trading on the Nasdaq market on the 9th of next month, according to Reuters and others. According to market research firm LSEG, Walmart's market capitalization is $852 billion (1,254 trillion won), the fourth largest among companies listed on the New York Stock Exchange.
Walmart has been traded on the New York Stock Exchange since 1972. This move to Nasdaq is the largest listing shift on record and is seen as a big victory for Nasdaq over its longtime rival, the New York Stock Exchange.
The New York Stock Exchange has traditionally listed major U.S. industrial and financial corporations, while Nasdaq is known as a market centered on technology companies such as Nvidia. Walmart is also expected to be included in the Nasdaq-100 index, which consists of 100 nonfinancial corporations.
Walmart said the decision underscores its technology-centric approach and efforts to redefine the industry. John Rainey, Walmart's chief financial officer (CFO), said, "Walmart is integrating automation and AI to set a new standard for omnichannel retail."
Companies usually change their listing exchange to find one that is a better fit in terms of investor base, technology, and services, or to reduce listing and regulatory compliance expense. Analysts say Walmart's transfer is closer to the former among these factors.
Walmart is not the first retail company to join Nasdaq. Costco listed on Nasdaq back in 1985, and e-commerce company Shopify and Huggies maker Kimberly-Clark also moved to Nasdaq in the first half of this year.
Reuters reported that "nearly all major U.S. corporations now have AI strategies and are investing in technology, blurring the lines between tech and non-tech companies."
Brian Jacobsen, chief economist at Annex Wealth Management, said, "It is quite impressive that Walmart will soon be included in the Nasdaq-100 index," adding, "This will attract a different type of investor, and those seeking to invest in tech stocks will end up holding Walmart, a consumer staples company, as well."
Meanwhile, Walmart said in its third-quarter earnings report that net income was $6.1 billion (about 9 trillion won), up 34% from a year earlier. It projected full-year 2025 sales will increase 4.8–5.1% from the previous year. After raising its sales growth rate outlook (3.75–4.75%) at the earnings release three months ago, it raised it again this time.