00:00The numbers are in. Amazon is now the biggest company in the United States by revenue.
00:05Amazon has taken Walmart's spot at the top of the Fortune 500. People have been expecting this for
00:10a few years now. So Walmart, the whole enchilada, which includes Sam's Club and Walmart International
00:16came in at $713 billion, which is actually more than expected, but still not quite enough to match
00:23Amazon $716 billion for 2025. Walmart falling to number two really simply reflects the fact that
00:29Amazon gets a lot of its revenue from tech, where the pie is growing much more quickly than
00:34traditional retail. But what's encouraging for Walmart is that this is a record high revenue for
00:38them. Their shares are at an all-time high because people really see this company as firing on all
00:43cylinders at the moment. And also they have been starting to dip their toes into other businesses
00:49like advertising, media, streaming. And so Walmart's revenue sources are much more diversified than
00:54they were just a year ago. So really the takeaway here is, sure, Walmart is number two, but it has
01:00arguably never been stronger than it is now. Well, one of the things that surprised me was just how
01:05strong Walmart's numbers ended up being. Wall Street analysts estimated that it would be a much bigger gap
01:11between Amazon and Walmart for 2025. But Walmart almost squeaked out a surprise for Amazon. And that is
01:18really on the strength of how good Walmart has become at e-commerce. In fact, last quarter,
01:23US e-commerce grew 27% compared to 10% for Amazon. So what we have here is a company
01:29that has woken up
01:30and is really enjoying accelerating online growth and is killing Amazon in the grocery delivery wars.
01:37So this isn't a story of a winner and a loser. It's just one winner surpassing another.
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