Marketplace All-in-One Walmart is moving (to the Nasdaq)
Dec 9, 2025
In this insightful discussion, finance expert Jay Ritter from the University of Florida unpacks Walmart's bold shift from the New York Stock Exchange to Nasdaq, marking a historic move for the retail giant. He highlights the tech-like valuations driving this trend, drawing parallels between Walmart and its Silicon Valley counterparts. Ritter elaborates on the potential influx of around $20 billion into Walmart shares from the Nasdaq QQQ inclusion. The conversation also touches on inflation expectations and regulatory tensions surrounding AI, making for a dynamic exploration of the current markets.
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Walmart's Tech-Forward Market Move
- Walmart's shift to Nasdaq signals its transformation into a tech-forward competitor with strong e-commerce growth.
- Jay Ritter notes inclusion could reflect Walmart's higher price-earnings ratio compared with legacy retailers.
Index Inclusion May Bring Billions
- Inclusion in Nasdaq's QQQ could attract indexed money beyond S&P funds and boost demand for Walmart shares.
- Ritter estimates roughly an additional $20 billion could flow into Walmart from that indexing change.
Listing Change Isn't Trading Overhaul
- Listing venue doesn't necessarily change where trading occurs because many markets trade the same stocks.
- Ritter cautions Nasdaq has faced scrutiny for recent penny-stock IPO issues, which is a reputational factor.