Walmart wanted to move from the NYSE to the Nasdaq to gain favour with technology investors and show its willingness to go beyond conventional retail stores.
Nasdaq has just landed one of the most iconic names in traditional retail, Walmart.
The consumer retail giant has made a major shift from its longtime listing on the New York Stock Exchange (NYSE) to its main rival, the Nasdaq.
The decision is notable not only because Walmart has a market value of about $852 billion, but the decision to shift the stock exchange was the largest exchange transfer in history.
According to data from the London Stock Exchange Group (LSEG), Walmart is the NYSE’s fourth-largest listing by market capitalization, which makes it a substantial win for Nasdaq.
For years, the US exchange and Nasdaq have been rivals, a defining feature of the US stock market. Nasdaq is known as the go-to exchange for technology companies, while NYSE was known for attracting the largest industrial and financial names.
The back-and-forth competitive dynamic was at its most intense during the late 1990s dot-com boom, when tech companies grew in value and importance.
Walmart’s decision to change exchanges was a major win for Nasdaq, while it goes against the tech/non-tech divide, the retail giants stated that this move was part of its technology-forward approach and its push to redefine the retail industry, particularly in automation and artificial intelligence (AI).
The company’s stock will start trading on the Nasdaq Global Select Market on December 9.
Walmart’s Chief Financial Officer, John Rainey, stated that the retailer is setting a new benchmark for omnichannel retail by integrating automation and AI into its operations.
As Walmart is technology-forward, so are nearly every leading company, which are taking initiatives in artificial intelligence. So the difference between technology companies and traditional companies is becoming less clear-cut than before.
Companies change their listing venue for many reasons, such as better alignment with the exchange’s investor base, technology and services, or to reduce listing and compliance costs.
Regarding Walmart, the retailer wanted to move from the NYSE to the Nasdaq to gain favour with technology investors and show its willingness to go beyond conventional retail stores.
Brian Jacobsen, chief economic strategist at Annex Wealth Management, stated that when Walmart was added to the Nasdaq 100, a benchmark index of some of the largest non-financial companies, it would create a ripple effect. He added that Walmart will be the newest member among existing members like Costa, which will attract investors interested in technology.
Intercontinental Exchange, the parent of the New York Stock Exchange, did not comment on Walmart’s leaving the NYSE.
The shift is more common, as nearly every major US company is increasingly attracted to AI and to Nasdaq. Recently, Shopify and Kimberly-Clark have all made the move in 2025.
The appeal of the Nasdaq 100 index has increased by nearly 20%, which is cited as a reason for the transfer. This year, NYSE has been buoyed by transfers from several companies, such as Virtu, CSW Industrials, and QXO.
Nasdaq itself has highlighted the momentum behind these switches. In September 2024, the exchange reported that over 500 companies, representing $2.7 trillion in market value, had moved from the NYSE to the Nasdaq over the past 20 years. Almost 16 companies have transferred in 2024 alone, including notable names like government technology contractor SAIC and food manufacturer Campbell’s.
According to J.R. Mastroianni, Head of Exchange Transfers and Listing Services at Nasdaq, the most recent transfers over the last five years account for more than $1 trillion of the total market capitalization of all switches. This trend points to a growing recognition among public companies of the strategic advantages offered by Nasdaq, especially as the boundaries between technology and traditional sectors continue to dissolve.
