The market value of the largest American retailer, Walmart Inc., surpassed $1 trillion for the first time during trading on Tuesday, Bloomberg reports.
Walmart's stock price rose by 1.6% to a record $126 per share. Since the beginning of the year, the company's market capitalization has increased by 12%, while the S&P 500 index has gained 1.9%.
"In recent years, Walmart has undergone a massive digital transformation," noted Eric Clark, Chief Investment Officer at Accuvest Global Advisors. "They have moved away from the image of a traditional offline retailer and started using technology to enhance customer engagement."
The company is also actively implementing artificial intelligence technologies into its operations. Earlier this year, it announced a partnership with Alphabet Inc. and its Gemini platform, and the retailer is collaborating with OpenAI, allowing customers to shop directly through ChatGPT.
Walmart is the largest consumer sector company by market capitalization and one of the few non-IT firms with a market cap exceeding $1 trillion, alongside Berkshire Hathaway and Saudi Aramco.
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