Why Walmart is basically a tech company now

This story was first published by Digiday sibling Modern Retail.

After building up fast-growing e-commerce and advertising businesses, moving its stock to the Nasdaq, and, as of Tuesday, crossing $1 trillion in valuation, Walmart is starting to look a lot more like a big tech company.

Walmart’s market cap was $1.02 trillion at the end of the day Tuesday after its stock climbed more than 28% over the past year, according to CNBC. It joined the Nasdaq exchange, also home to technology companies like Amazon, in December. In the company’s third quarter, which ended in October, its global e-commerce business grew 27% year over year, with its Walmart Connect advertising business in the U.S. up 33%, according to its earnings release.

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