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Nasdaq gains from Walmart's ( WMT ) exchange transfer

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Walmart ( WMT ) to trade on Nasdaq Global Select Market from Dec.

9

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Nasdaq outpaced NYSE in 2025 listings with major IPOs

(Adds more background on exchange transfers this year, recasts

headline)

By Manya Saini, Juveria Tabassum and Anirban Sen

NEW YORK, Nov 20 (Reuters) - The Nasdaq's

latest get is about as "old economy" as it gets - consumer giant

Walmart ( WMT ).

The retail giant said on Thursday it was shifting its

longtime listing on the New York Stock Exchange to its main

rival -- even giving a passing nod to artificial intelligence as

one of the reasons for aligning itself with the tech-heavy

Nasdaq.

The move by Walmart ( WMT ), which has a market value of about $852

billion, marks the biggest-ever exchange transfer on record and

a coup for Nasdaq over its long-time crosstown rival. Walmart ( WMT ) is

the NYSE's fourth largest listing by market capitalization,

according to data from LSEG.

For years, the U.S. exchanges have fought for prominence,

with Nasdaq primarily the home of the tech sector while the NYSE

traditionally anchored the country's biggest industrial and

financial names. The back-and-forth was at its most heated in

the late 1990s during the dot-com frenzy.

The retailer's shift is a coup for Nasdaq, and while it cuts

against the tech/non-tech divide, Walmart ( WMT ) said the move

underscores its "technology-forward approach" and its push to

redefine industries. The stock is set to begin trading on the

Nasdaq Global Select Market on Dec. 9.

"Walmart ( WMT ) is setting a new standard for omnichannel retail by

integrating automation and AI," Walmart's ( WMT ) Chief Financial

Officer John Rainey said.

Nasdaq beat the NYSE in stock market listings during the first

half of 2025, buoyed by blockbuster initial public offerings of

big names such as CoreWeave ( CRWV ) and Chime.

Companies typically change listing venues when they see

better alignment with an exchange's investor base, technology

and services, or when they want to cut costs tied to listing and

compliance.

"It's incredible to think that they'll likely join the

NASDAQ 100. Costco is a member and now Walmart ( WMT ) will

join that club," said Brian Jacobsen, chief economic strategist

at Annex Wealth Management.

"It attracts a different type of investor as most people who

want to bet on tech will get a lot of consumer staples with it

now."

Intercontinental Exchange ( ICE ), the parent of the New

York Stock Exchange, did not immediately respond to a Reuters

request for comment.

NOTABLE SWITCHES INCLUDE SHOPIFY, KIMBERLY-CLARK ( KMB )

Nearly every major U.S. company now has an AI strategy and

is investing in the technology, blurring the line over what

counts as a tech firm.

The New York Stock Exchange's marquee listings include

Berkshire Hathaway ( BRK/A ) and JPMorgan ( JPM ), while Nasdaq

is home to technology behemoths Apple ( AAPL ), Microsoft ( MSFT )

and Nvidia ( NVDA ).

This year, NYSE has been buoyed by transfers from several

companies including financial services firm Virtu, CSW

Industrials ( CSW ), and building products distributor QXO

.

Other notable switches to the Nasdaq in 2025 include

e-commerce platform Shopify, consumer goods maker

Kimberly-Clark ( KMB ) and Thomson Reuters, the parent

of Reuters News.

Some companies that transferred from NYSE to Nasdaq this

year cited the attractiveness of the Nasdaq-100 index

- which includes 100 of the most valuable

non-financial companies listed on the Nasdaq, including Nvidia ( NVDA )

and Apple ( AAPL ) - as being a key driver for their decision to switch.

The Nasdaq 100 has jumped about 19.6% this year, compared to

the S&P 500, which has climbed about 14.8% year-to-date.

In September 2024, Nasdaq said 500 listings had made the switch

from NYSE over nearly two decades, representing $2.7 trillion in

market value.