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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.

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Electronic Arts launches a platform to put more ads in its games

Video game publishing giant EA launched a new platform on Monday designed to make the process of selling immersive ad space in its popular games easier.

The company says the platform, called EA Advertising, allows brands to “integrate directly into gameplay through dynamic, real-time placements, from stadium signage to custom in-game content.”

More so than other studios, EA has incorporated advertising into its most popular titles. As Kotaku points out, the company’s ad efforts stretch as far back as 2006. Several of its sports franchises already feature partnerships with brands like Visa, Lowe’s, Red Bull, and PepsiCo.

In-game advertising hasn’t exactly been embraced by fans, but industry experts expect it to ramp up as companies seek more revenue to offset higher games budgets and surging memory costs. EA rival Take-Two has taken a different approach, with CEO Strauss Zelnick recently saying the company was “not at risk of doing brand partnerships” in the forthcoming “Grand Theft Auto VI,” and that ads in full-price games seems “unfair.”

The $55 billion deal to take EA private, led by Saudi Arabia’s Public Investment Fund, is set to close at the end of this month. Being the largest leveraged buyout in history, EA will likely look for more ways to boost revenue to cover interest payments.

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JM Smucker says it sold $1 billion worth of Uncrustables in FY2026

After years of booming sandwich sales, JM Smucker has finally earned a billion-dollar crust.

On Tuesday, the company reported results for fiscal year 2026, highlighting better-than-expected profits driven by higher prices for coffee and sweet baked goods. However, at another point on the earnings call, CEO Mark Smucker pointed to one particularly jammy figure: in line with previous forecasts, the company sold $1 billion worth of its (almost always) crustless sandwiches, Uncrustables, in the last year alone.

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Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

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The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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