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Walmart joins the trillion-dollar club, becoming only the third non-tech American firm to do so

Shares have surged on rapid e-commerce growth, digital advertising, and new AI partnerships. Maybe Walmart isn’t that “offline” after all.

Hyunsoo Rim

2/4/26 8:33AM

Walmart’s market capitalization crossed the $1 trillion mark for the first time on Tuesday, becoming the first retailer ever to reach the milestone — joining a club dominated by Big Tech.

One short of a dozen

So far, only 11 US companies have ever reached the four-comma club.

Tech behemoths such as Nvidia, Microsoft, Apple, and Alphabet crossed the threshold years ago and have since raced far beyond it, now competing in the over $4 trillion range. Nevertheless, it’s still a remarkable achievement for the 63-year-old retail giant, which joins just two other non-tech firms that have ever reached $1 trillion — Berkshire Hathaway and Eli Lilly, though the latter has since slipped back below the milestone.

After very little growth from 2000 to 2010, Walmart’s stock has been on a pretty relentless run for much of the last decade, a rally that has accelerated recently, with the stock up roughly 15% year to date and about 28% over the past year, far outperforming the S&P 500 and pulling ahead of major retail rivals including Amazon, Costco, and Target.

The rally reflects Walmart’s recent success in pulling in both price-sensitive shoppers and higher-income consumers, a thriving high-margin advertising business, and the expansion of its e-commerce business and same-day delivery, which now reaches 95% of US households. Recent AI partnerships with Google’s Gemini and OpenAI’s ChatGPT, along with Walmart’s addition to the Nasdaq 100 Index, have only helped improve sentiment on the stock.

The milestone comes amid a leadership transition, with John Furner taking over as CEO on February 1, succeeding longtime veteran Doug McMillon. Walmart is set to report fourth-quarter earnings later this month.

Max Knoblauch4h

Used car prices dip in April but remain at 2023 levels as gas prices surge

Used car prices ticked down in April, the first drop in 2026, according to fresh data from Cox Automotive.

Cox’s Manheim Used Vehicle Value Index, which tracks wholesale prices, dipped 1.6% in April from March, but remains around highs not seen since 2023 as shoppers react to surging gas prices.

“Affordability remains front and center, and that’s driving some increased demand for older vehicles... as well as changing the calculus for consumers shopping for EVs,” said Cox’s chief economist, Jeremy Robb.

As reported in March, used car retailers including CarMax have told Sherwood News that gas prices are driving more shoppers to look toward EVs. Cox’s EV index is up 7.2% from April 2025, compared to a 1.1% hike for its non-EV index.

Tom Jones

gear shift

5/6/26

Harley-Davidson hopes getting “Back to the Bricks” will help turn its motorcycle business around

Its ~$1 billion financial services segment has helped keep the company ticking over in the meantime.

Harley-Davidson motorcycles cruising along scenic road during European Bike Week, showcasing vibrant atmosphere and camaraderie among riders

Max Knoblauch5/5/26

Xbox CEO overhauls leadership team with Microsoft AI execs amid sales declines

Microsoft is continuing to shake up Xbox, with gaming chief Asha Sharma (who took over the division suddenly in February) announcing an executive overhaul.

According to an internal memo seen by CNBC, Sharma is bringing four leaders from her former CoreAI group into the Xbox fold, as they have “consumer and technical expertise [Xbox does] not yet have.”

“Right now, it is too hard to ship impact quickly. We spend too much time inward instead of with the community, and we lack the depth we need in some of the fundamentals,” Sharma said in the memo.

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Following Microsoft’s earnings report last week, in which Xbox console sales fell 33% from last year, Sharma said the division had work to do. The company forecast more sales declines for Game Pass and consoles in the current quarter.

Microsoft Xbox CEO overhauls leadership amid sinking sales: 'We need to evolve how we work'

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Max Knoblauch5/4/26

Ford’s April EV sales climb from March but make up less than 2% of its total sales this year

Ford sold 22% more EVs in April than in March, but the category makes up just 1.7% of the automaker’s total 2026 sales through April. At the same point last year, EVs were about 4% of sales.

The company released its April sales figures Monday morning, with EVs climbing sequentially but still down nearly 25% from last year. Its more popular hybrids were down 5% from March and about 33% from last year.

Overall, Ford posted a 14.4% drop in sales in April from last year. SUVs were down more than 16%, trucks fell more than 14%, and cars (the company doesn’t sell many) climbed 18%.

When it reported its Q1 earnings last week, Ford boosted its full-year guidance for adjusted earnings before interest and taxes to between $8.5 billion and $10.5 billion.

Rani Molla5/4/26

Amazon opens up its supply chain to everyone

Today Amazon unveiled Supply Chain Services, a new business that turns the vast warehousing and logistics network behind its e-commerce empire into a product for other companies — an AWS-style move applied to the physical world.

As Amazon put it: “Any business can now move, store, and deliver everything from raw materials to finished products using the same supply chain that supports Amazon and its independent selling partners.”

That could make Amazon a behind-the-scenes operator for an even wider swath of commerce, expanding its reach beyond its marketplace and helping it capture more of the $1.3 trillion third-party logistics market.

Shares of traditional shipping companies UPS and FedEx fell after the announcement.

Amazon listed Procter & Gamble, 3M, and American Eagle among the logistics service’s first customers.

Introducing Amazon Supply Chain Services: Amazon’s logistics network, now open to every business