Walmart Employing 2.1 Million, Recruiting Silicon Valley Talent, Trades at Higher Multiples Than Amazon and Meta Amid Economic Uncertainty

Walmart, employing 2.1 million people, more than any other private company, has transformed itself from a traditional retailer into a technology-driven company, rapidly closing the gap on Amazon. Its shares trade at higher earnings multiples than major tech giants such as Amazon, Alphabet, Apple, and Meta, with Home Depot’s multiples comparable to Meta’s. This valuation reflects a broader battle between big-box retailers and brands for consumer spending, as large retailers command premium market valuations that surpass even those of big tech companies. Walmart is also actively recruiting talent from Silicon Valley to its headquarters in Bentonville, Arkansas, signaling its strategic shift towards technology. According to Forrester Research retail analyst Sucharita Mulpuru, in times of economic uncertainty, investors tend to favor value-oriented companies like Walmart and Amazon, which continue to perform strongly in the current environment.