 Dear Reader, The stock market just entered a highly dangerous new phase – which is going to have dramatic consequences for your money this summer. The signs are everywhere: SpaceX just went public. OpenAI and Anthropic will likely follow it. If you're thinking of buying into any of these IPOs... PLEASE DON'T. They're likely to be disasters – the most overhyped, overvalued large-cap stocks of all time, foisted on gullible investors by Wall Street insiders. At the same time, the President and his family are openly picking winners in the stock market... while a 24-year-old just founded his own hedge fund and made $5 billion in less than a year. But it's what's coming NEXT that I'm most worried about. I've spent 30 years on Wall Street. I have my MBA from Harvard and spend my time in correspondence with billionaires like Warren Buffett and Bill Ackman. I've forecast the collapse of dozens of stocks. But what I see happening today scares me – as a former money manager, as a father, and as an American. Because our country is headed toward an economic event unlike anything we've seen in over 100 years. Perhaps you see the signs too. Or maybe you just feel it – that creeping, nagging doubt that tells you something is dangerously wrong in our country. If that's you, I'd urge you... listen to your gut. If you care about your wealth, your family, and your future, you need to understand what's really coming. I've put together a free analysis explaining exactly what I see, and the specific steps I recommend you take with your money today. I strongly encourage you to check it out here. Regards, Whitney Tilson
Editor, Stansberry Investment Advisory
Former Hedge Fund Manager
Co-Founder, Teach for America
Harvard MBA P.S. What's happening today will reset the financial system in a way most of us can't imagine. If I'm even half-right, it's going to have a huge impact on your money and your future. Get the details here...
Just For You
Walmart's No. 2 Ranking Hides a Digital Transformation StoryAuthor: Chris Markoch. Date Posted: 6/9/2026. 
Key Points
- Walmart Connect is becoming a major profit driver, with advertising revenue growing far faster than the company's core retail business.
- Walmart's physical store network provides a competitive advantage for fulfillment, curbside pickup, and same-day delivery that supports its digital growth.
- Sam's Club demonstrates the power of Walmart's digital strategy, with rising digital engagement leading to stronger membership growth and customer retention.
- Special Report: Buy this stock tomorrow
In February 2026, Amazon.com Inc. (NASDAQ: AMZN) supplanted Walmart Inc. (NASDAQ: WMT) as the world’s largest company by revenue. That wasn’t a surprise to industry observers, but the result was reinforced when Fortune confirmed the ranking and placed Amazon at the top of its Fortune 500 list. The news isn’t having much impact on either stock’s price. As of June 8, both stocks are up a little more than 6% for the year.
But over a longer horizon, it’s Walmart that has rewarded shareholders with a larger total return. That’s a story likely to continue for a reason that may surprise some investors. The death of physical retail has been greatly exaggerated, and it’s an arena where Amazon simply doesn’t compete with Walmart. Yet even that edge doesn’t fully capture the real story: Walmart may be a stronger proxy for technology stocks than Amazon is a proxy for retail stocks. If that’s right, Walmart doesn’t just merit a premium valuation—it may need to be rerated entirely. Walmart’s Physical Moat Is a Digital AdvantageAmazon essentially created the category of e-commerce, so it makes sense that the company has an almost impenetrable lead among online shoppers. But Walmart has made strides in closing that gap, and in doing so, it’s showing why its business model has some advantages. First, the company’s retail footprint of more than 4,600 stores doubles as fulfillment nodes, without the added expense of building new facilities. This enables curbside pickup, which has become a habit-forming tool for shoppers. Plus, the company can use those stores for same-day delivery, which Amazon can’t match on unit economics. Walmart Connect (Advertising) Is the Margin StoryThe most underappreciated line item in Walmart's financials may be Walmart Connect, the company's U.S. retail media platform. In fiscal year 2026 (FY2026), Walmart Connect generated $6.4 billion in global ad revenue, a 46% YOY increase. In the most recent quarter, Walmart Connect grew 44% domestically, a rate that dwarfs the company's low-single-digit top-line growth. This has a significant impact on the bottom line. CFO John David Rainey has noted that advertising and membership income now account for roughly one-third of Walmart's operating profit. High-margin ad dollars are effectively subsidizing the lower-margin retail operation, a dynamic Wall Street recognized years ago when it rerated Amazon's multiple upward on the strength of its ad segment. Even more noteworthy, Walmart is still in the early innings. Its advertising revenue represents roughly 1% of gross merchandise value, compared to approximately 8% for Amazon. That gap gives the company, and WMT, a long runway—and investors who wait for Walmart's ad business to mature before repricing the stock may find themselves late to the trade. Sam's Club as the Proof of ConceptIf you want to see where the Walmart flagship is heading, look at Sam's Club. The $90 billion warehouse division has become the clearest demonstration that digital engagement and physical retail aren't in conflict. Membership income posted double-digit growth for five consecutive quarters through Q4 2025, with digital penetration hitting an all-time high. Scan & Go adoption—the app-based checkout feature that lets members skip the register entirely—surged 500 basis points in a single quarter, and roughly 40% of Sam's transactions are now digital. The Grapevine, Texas, prototype club runs at 100% Scan & Go participation. Members who shop digitally visit three times more often, buy across twice as many categories, and renew their memberships at meaningfully higher rates. Sam's Club has announced plans to remodel all 600 of its existing locations while opening approximately 15 new clubs per year, with a stated goal of doubling membership over the next decade. The Chart Points to an Inflection PointWMT dropped approximately 7% the day of its Q1 earnings report for FY2027. The report showed a solid double beat with high single-digit year-over-year (YOY) gains. The point of contention was the guidance, as it was with many retailers. Specifically, Walmart is facing the uncertainty of higher tariff-related costs and what that could mean for its core customer. That said, the sell-off found support right around the 200-day simple moving average (SMA). 
Analysts remain generally bullish on WMT, with a consensus price target of $138.85. That’s about 15% above the price as of this writing. It would also reaffirm the highs the stock made in February and May of this year. 2 Great Stocks—Totally Different PurposesAMZN has been a wonderful stock for long-term investors, and it will continue to be in the future. However, this is a case of understanding where revenue growth is coming from. For Amazon, that increasingly means Amazon Web Services (AWS), which accounted for $128.7 billion in revenue in 2025. Amazon still delivered $588.2 billion from its retail-related sales, but that number is well below Walmart, which comes from its blend of physical locations and growing digital efforts. The reliance on retail is one reason that Walmart pays a dividend and Amazon does not. Even though that dividend is modest, it’s a safe payout that has increased for 53 consecutive years. And this year will make 54. After its stock split in January 2024, WMT is attractively priced for investors to begin accumulating and letting the power of compounding work to their advantage.
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