Retail giant Walmart Inc. is set to join the Nasdaq 100 Index on January 20, 2026, replacing pharmaceutical company AstraZeneca Plc. The move follows Walmart's historic transfer of its stock listing from the New York Stock Exchange to Nasdaq in 2025, which was the largest such switch ever recorded. Analysts from Jefferies Financial Group Inc. estimated this index inclusion could drive approximately $19 billion in inflows as index-tracking funds and ETFs adjust their holdings.
Concurrently, Walmart announced the appointment of AI veteran Shishir Mehrotra to its Board of Directors. Mehrotra, former senior leader at YouTube and current CEO of an AI-focused productivity platform, will serve on both the Technology and eCommerce Committee and the Compensation and Management Development Committee. This appointment is seen as reinforcing Walmart's strategic push into technology and artificial intelligence.
The company's market capitalization is nearing $1 trillion, supported by steady sales growth and an expanding customer base. Walmart has been integrating AI across its operations, from employee scheduling and supply chain management to customer-facing tools built in partnership with OpenAI, allowing shopping directly through ChatGPT. The company projects its U.S. online sales will become profitable in 2026.
In a significant leadership transition, CEO Doug McMillon will retire in February 2026 after more than a decade at the helm. He will be succeeded by John Furner, the current head of U.S. operations. McMillon expressed confidence that Furner is "uniquely capable of leading the company through this next AI-driven transformation." Analyst David Bellinger of Mizuho noted that Walmart is moving from building a digital foundation to "the escalation and acceleration of AI."
From a market performance perspective, Walmart shares gained 0.31% to close at $113.07 on January 8, 2026, following the board announcement. Over a three-year period including dividends, Walmart's stock surged 146%, significantly outperforming AstraZeneca's 42% gain.
