Amazon Overtakes Walmart as the Biggest U.S. Company by Revenue

Key takeaways

Walmart has been surpassed by Amazon as the largest U.S. company by revenue, marking a significant shift in the retail landscape.
Beef prices are at a record high, largely due to a decrease in cattle herds and ongoing demand, with no swift signs of market recovery.
The U.S. government is contemplating military action against Iran, indicating escalating tensions and the urgency for diplomatic resolution.
Uber faces stock challenges amid competition from Waymo, causing investor concern over its market position.
Jet engines are being re-purposed to meet the energy demands of AI data centers, demonstrating innovative technological applications.
Prince Andrew’s ongoing investigation remains a topic of public and media interest, entailing scrutiny of his relationship with Jeffrey Epstein.

Summary

Walmart Falls Behind Amazon

In a pivotal shift, Walmart has lost its title as the largest U.S. company by revenue, overtaken by Amazon. Despite Walmart’s strong sales growth of 4.6%, especially in groceries and online deliveries, Amazon’s expansion has propelled it to the forefront for the first time in over a decade. Sarah Nassauer, who covers Walmart, explains this milestone as symbolic of the rapid growth disparity between the two retail giants.

Record High Beef Prices Driven by Supply Issues

The podcast discusses significant increases in beef prices, which have surged by 17% year-over-year for ground beef. WSJ reporter Patrick Thomas elucidates the factors contributing to these high prices, including a national reduction in cattle herds due to previous financial instability and drought conditions. As ranchers profit more than ever, signs do not indicate a quick replenishment of herds, further solidifying beef’s status as a luxury protein in the current economy.

Potential Military Action Against Iran

Tensions rise as President Trump considers limited military strikes on Iran to negotiate a nuclear deal, with reports suggestive of preparatory discussions for a potential attack. The implications of this strategy and its related global political consequences are highlighted, noting the urgency in concluding a deal within the next ten days.

Uber's Stock Slump and Future Prospects

The podcast outlines Uber's recent stock decline, attributing it to concerns about competition with Waymo in the robotaxi market. Investors worry that as autonomous vehicles gain traction, Uber’s reliance on human drivers may lead to its obsolescence. Insights from Dan Gallagher shed light on Uber's ongoing investments in autonomous technology and the importance of their existing network to its future viability.

Jet Engines Powering AI Data Centers

A fascinating discussion unfolds on the use of converted jet engines as a power source for AI data centers. Jinjoo Lee explains how these engines can be transformed into turbines to efficiently handle the high energy demands of artificial intelligence operations, showcasing a unique intersection of technology and energy.

Royal Family Update: Prince Andrew's Investigation

The podcast ends with updates on the investigation concerning Prince Andrew, who has been released under investigation by UK police related to his connections with Jeffrey Epstein. The royal family's response and ongoing scrutiny of Andrew's past dealings are elaborated.

Show notes

P.M. Edition for Feb. 19. Walmart had strong sales growth in its most recent quarter. Despite this, Walmart fell behind Amazon as the largest U.S. company by revenue. Reporter Sarah Nassauer discusses the milestone. Plus, beef prices are high—and likely to stay that way. We hear from WSJ reporter Patrick Thomas about why, and how consumers are responding. And British police say Andrew Mountbatten-Windsor, the former Prince Andrew, has been released under investigation. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter.

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