Walmart Inc. (WMT.US) moves to NASDAQ, CEO anticipates "AI will create new shopping experiences".

As the company prepares to welcome its first trading day on Nasdaq, Walmart Inc. (WMT.US) CEO Doug McMillon reflected on the transformation of this retail giant during his tenure and explained the decision to move to Nasdaq with technology stock Yunji, Inc. Sponsored ADR Class A. On Tuesday Eastern Time, Walmart Inc. migrated from the NYSE to Nasdaq, setting a record for the largest stock market relocation in US history. "Walmart Inc. has changed a lot," McMillon said, and the move to Nasdaq reflects the company's transformation towards technology and the explosive growth of artificial intelligence. He added, "AI will create new ways of shopping," "It will eliminate friction points that shoppers dislike and improve aspects they enjoy." The shift towards a more technology-focused direction is one of the reasons McMillon decided to hand over leadership to John Furner. Like McMillon, Furner started his career at Walmart Inc. as an hourly associate, holding several positions within the company and most recently serving as the CEO of Walmart Inc.'s US business (the company's largest operating segment) since 2019. "John has a clear vision for the future of the company," McMillon said, acknowledging Furner's experience in digitalization, supply chain, and omni-channel departments, making him uniquely qualified to lead Walmart Inc. into the next, more technology-centric phase. As the world's largest retailer, McMillon has a keen insight into Walmart Inc.'s customers and the economic trends driving consumer habits. He noted that inflation remains stubborn and grocery inflation is still a challenge for most consumers, especially for the "low-income" population that has had to deal with high inflation for years. However, Walmart Inc. has seen an increase in high-income shoppers, a trend confirmed in the company's recent quarterly performance. "When we look at our customers and members in the US, their spending is continuing, and what is driving our growth are middle to high-income households. We continue to benefit from higher-income families choosing to shop with us more frequently," McMillon said during the company's third-quarter earnings call, reaffirming this in interviews. He added, "Our business is very stable, which is also reflected in our outlook for the fourth quarter. However, when we look at low-income groups, middle-income groups, and high-income groups, we do see a slowdown in spending among the low-income group, which is consistent with what we are seeing at the macro level." Since taking over as CEO, Walmart Inc.'s stock price has surged nearly 500%, double the 242% increase in the S&P 500 index.