MBMC观察：沃尔玛正式宣布：迁移至纳斯达克上市，创下交易所迁移规模历史之最

Core Viewpoint - Walmart's decision to transfer from NYSE to NASDAQ on December 9 marks a significant transformation in the capital market, creating the largest exchange migration record in U.S. history with a market capitalization of $853.1 billion, attracting global attention without an IPO or financing [2][9]. Group 1: Reasons for Choosing NASDAQ - The transfer is a result of Walmart's deep investment in technology, with over $10 billion allocated to areas such as artificial intelligence, supply chain automation, and digital payments [2][9]. - NASDAQ is seen as an ideal platform for Walmart to achieve higher valuation premiums and a strong "tech label," which is essential for its future growth and investment strategy [2][9]. - Post-transfer, Walmart is expected to be included in the NASDAQ 100 index, which will attract more passive investment and enhance its image as a "tech retail" leader [2][9]. Group 2: Competitive Landscape of Stock Exchanges - The transfer reflects a decade-long competition between NYSE and NASDAQ, with NASDAQ successfully attracting over 40 S&P 500 companies, while NYSE has drawn 347 companies during the same period [5][12]. - This competition is not just about the number of companies but also about the narrative and branding of the exchanges, positioning them as platforms for corporate strategic transformation [5][12]. - The emergence of the Texas Stock Exchange (TSE), set to launch in 2026, adds pressure on traditional exchanges, emphasizing the need for established players to retain major clients like Walmart [5][12]. Group 3: Implications for the Retail Industry - Walmart's transfer signifies a pivotal moment in the retail industry's technological transformation, indicating that technological capability will become the core competitive advantage rather than just scale [6][13]. - The move is seen as a harbinger of a new technological wave in retail, where competition will increasingly rely on innovation and digital transformation [6][13].