Is Walmart Considered a Technology Stock? Its Upcoming Inclusion in the Nasdaq 100 Signals a 'Yes'

Walmart Set to Join the Nasdaq 100

Michael M. Santiago / Getty Images

Walmart is preparing to become part of the Nasdaq 100, a stock index traditionally associated with leading technology companies.

Main Highlights

• Walmart will officially be added to the Nasdaq 100 index on January 20, according to Nasdaq.
• This change follows Walmart’s increased focus on its online shopping platform and the adoption of advanced artificial intelligence solutions.

The retail giant is gaining acknowledgment for its advancements in digital commerce. Nasdaq announced that Walmart will be included in the Nasdaq 100—an index representing the largest non-financial firms on the exchange—prior to the market’s opening on January 20. Over recent months, Walmart (WMT) has emphasized its marketplace and delivery innovations, sparking speculation about its ambitions to join this influential tech-focused list.

Walmart will take the place of AstraZeneca (AZN), a pharmaceutical company. This update comes shortly after Walmart transitioned from the New York Stock Exchange to Nasdaq, joining the ranks of major tech players such as Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta (META).

Why Investors Should Pay Attention

Many consumer brands, including Target and Wingstop, have highlighted their use of artificial intelligence as investors increasingly back technology-driven companies. Walmart has successfully positioned itself as both a retailer and a technology company, and its upcoming inclusion in the Nasdaq 100 further supports this image.

Company leaders have stated that Nasdaq aligns better with Walmart’s technology-driven strategy. The business is no longer solely focused on large retail stores; instead, it now emphasizes its expanding delivery network, automated fulfillment centers, and third-party marketplace.

“Our current achievements are the result of both our talented team and our investment in technology,” CEO Douglas McMillon told investors during a November call, as noted in an AlphaSense transcript. “We are continually improving how we leverage data, develop more advanced tech products and platforms, and implement automation in our operations.”

McMillon also praised John Furner, the head of Walmart U.S., for his expertise in digital innovation when announcing that Furner will be his successor. According to McMillon, Furner will guide Walmart through a transformation driven by artificial intelligence.

Walmart is leveraging AI to enhance customer engagement, such as sending reminders via WhatsApp to prompt shoppers to restock frequently purchased items. The company also revealed a partnership with Google, making it easier for users to find and buy Walmart products through Gemini, Google’s AI-powered chat platform. Previously, Walmart announced a similar collaboration with OpenAI, the creator of ChatGPT.

“The move from conventional web or app searches to AI-powered shopping assistants marks a significant shift in retail,” Furner stated. “We’re not just observing this change—we’re leading it.”

Walmart’s Digital Momentum Boosts Stock Performance

Excitement over Walmart’s digital transformation has contributed to a recent rise in its share price. The stock has climbed more than 3% in recent sessions and has gained about 30% over the past year, reaching new highs.