The Nasdaq just landed one of the most old-school names imaginable: Walmart.The retail behemoth announced Thursday that it’s ditching its decades-long home on the New York Stock Exchange and moving its primary listing to the tech-focused Nasdaq—explicitly citing artificial intelligence as one of the factors in its decision to join the innovation-heavy index.
Reuters:
The move by Walmart, which has a market value of about $852 billion, marks the biggest-ever exchange transfer on record and a coup for Nasdaq over its long-time crosstown rival. Walmart is the NYSE’s fourth largest listing by market capitalization, according to data from LSEG.
The retailer’s shift is a coup for Nasdaq, and while it cuts against the tech/non-tech divide, Walmart said the move underscores its “technology-forward approach” and its push to redefine industries. The stock is set to begin trading on the Nasdaq Global Select Market on Dec. 9.
Nearly every major U.S. company now has an AI strategy and is investing in the technology, blurring the line over what counts as a tech firm.
The New York Stock Exchange’s marquee listings include Berkshire Hathaway and JPMorgan, while Nasdaq is home to technology behemoths Apple, Microsoft, and Nvidia
MacDailyNews Take: The Nasdaq just keeps on growing!
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