Walmart (WMT.US) transfer to Nasdaq is engraved with a “technology imprint”, and the CEO anticipates that “AI will create new ways to shop”

The Zhitong Finance App learned that as the company enters its first trading day on NASDAQ, Walmart (WMT.US) CEO Doug McMillon reviewed the retail giant's changes during his tenure and explained the decision to move to NASDAQ, where technology stocks are concentrated.

On Tuesday EST, Walmart moved from the NYSE to the NASDAQ listing, setting a record for the largest US stock market migration.

“Walmart has changed a lot,” McMillon said, and the move to NASDAQ reflects the company's transformation to technology and the explosive growth of artificial intelligence.

He added that “AI will create new ways to shop” and “it will eliminate friction links shoppers don't like and improve what they like.”

The company's evolution towards a more technology-focused direction was one of the reasons McMillon decided to hand over leadership to John Furner (John Furner). Like McMillon, Furner's career at Walmart began as an hourly worker. He has held various positions in the company and recently served as CEO of Walmart's US business (the company's largest operating division) since 2019.

“John has a clear vision for the future of the company,” said McMillon, and acknowledged Furner's experience working in the company's digital, supply chain, and omnichannel departments, making him uniquely qualified to lead Walmart into the next more technology-centric phase.

As the world's largest retail chain, McMillon has an “insight” into Walmart's customers and the economic trends that govern consumption habits. He said that inflation is still stubborn, and grocery inflation is still a problem for most consumers, especially for “low income” people who have had to deal with high inflation over the past few years. But Walmart has seen an increase in the number of high-paying shoppers, a trend confirmed by the company's recent quarterly results.

“As we look at our customers and members in the US, their spending continues, and our growth is driven by middle- and upper-income households. We continue to benefit from higher income families choosing to shop with us more often,” McMillon said during the company's third-quarter earnings call and reiterated this in an interview.

He added, “The business is very stable, which is 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 low income groups, which is consistent with what we have seen at the macro level.”

Since McMillon took over as CEO, Walmart's stock price has surged nearly 500%, more than double the 242% increase in the S&P 500 index.