Company Insights - Walmart is expected to report fiscal Q4 EPS of $0.73 on revenue of $188.54 billion, with same-store sales forecasted to rise about 4.2% [3] - Walmart has recently joined the $1 trillion market-cap club, indicating strong market performance [3] - Grassroots Trading rates Walmart as a Strong Sell, citing extreme valuation and limited margin of safety if multiples revert [4] Economic Indicators - Economists anticipate Q4 GDP growth to be around 2.8%, with Wells Fargo suggesting it could be closer to 1.6% when accounting for the impact of a government shutdown [5][6] - The core PCE price index, which is the Fed's preferred inflation gauge, is forecasted to increase to 3% year over year [7] Market Events - The Supreme Court is expected to rule on President Trump's tariffs soon, with prediction markets indicating a 27% chance of ruling in favor of the tariffs [8][9] - Nvidia's CEO will not attend the India AI Impact Summit due to unforeseen circumstances, but the company remains committed to the event [9][10] Dividend Information - Chevron, ConocoPhillips, Hasbro, and Microsoft are set to go ex-dividend this week, with payout dates in March [10][11] Research Developments - Goldman Sachs has launched a software pair-trade basket, going long on companies perceived as insulated from AI disruption and short on those seen as vulnerable [11][12][13]

Company Insights - Walmart is expected to report fiscal Q4 EPS of $0.73 on revenue of $188.54 billion, with same-store sales forecasted to rise about 4.2% [3] - Walmart recently joined the $1 trillion market-cap club, highlighting its significant market presence [3] - Grassroots Trading rates Walmart as a Strong Sell, citing extreme valuation and limited margin of safety if multiples revert [4] Economic Indicators - Economists anticipate Q4 GDP growth to be around 2.8%, with Wells Fargo suggesting it could be closer to 1.6% when accounting for the government shutdown's impact [5][6] - The core PCE price index, the Fed's preferred inflation gauge, is forecasted to increase to 3% year over year [7] Market Events - The Supreme Court is expected to rule on President Trump's tariffs soon, with prediction markets indicating a 27% chance of ruling in favor of the tariffs [8][9] - Major earnings reports are scheduled, including Palo Alto Networks and Medtronic on Tuesday, followed by DoorDash and Occidental on Wednesday [4] Dividend Information - Chevron, ConocoPhillips, Hasbro, and Microsoft are set to go ex-dividend this week, with payout dates in March [10][11] Investment Strategies - Goldman Sachs has launched a software pair-trade basket, going long on companies perceived as insulated from AI disruption and short on those seen as vulnerable [11][12][13]

Core Insights - Walmart Inc. is aggressively investing in AI technologies to enhance operational efficiency, particularly through the deployment of its assistant Sparky, which aims to optimize processes in a low-margin business environment [1] Group 1: Company Initiatives - The introduction of AI tools like Sparky is part of Walmart's strategy to improve efficiency across its extensive operations [1] Group 2: Industry Context - The move towards AI reflects a broader trend in the retail industry where companies are seeking innovative solutions to maintain competitiveness and profitability in challenging market conditions [1]

Walmart Inc. ( WMT ) is making an aggressive push into AI, rolling out tools like its assistant Sparky to squeeze more efficiency out of a sprawling operation that runs on thin margins. It's already helping the company work moreI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity markets.Analyst’s Disclosure: ...

10月初，市场分析机构 Adobe Analytics 发布报告指出，2025年秋冬购物季，AI驱动的购物模式将迎来爆发，仅AI带来的购物流量同比预计增长520%，并 将在感恩节前10天达到峰值。与2024年相比，美国零售网站的AI流量激增805%——而在去年，沃尔玛的「Sparky」、亚马逊的「Rufus」等AI购物工具尚 未出现。 更极致的变化先一步在中国发生了。千问APP在"春节30亿大免单"活动推动下，仅9小时订单便突破1000万单，6天完成1.2亿单，连续登顶下载榜。 AI超级应用引发的消费形式变革已势不可挡。 壹览商业注意到，酒旅业在供给侧的反应速度超乎预期。2月11日，阿里千问与飞猪宣布与全球40多家旅行品牌启动AI合作，为AI用户提供专属补贴与权 益。首批合作方涵盖中国东方航空、中国南方航空、汉莎航空等航司，锦江、华住、万达酒店及度假村等酒店集团，以及上海迪士尼度假区、方特主题乐 园等头部目的地与乐园品牌。 这种集体性 "抢摊"意味着，酒旅行业正将 AI 视为一个独立的、具备爆发力的战略渠道。 酒旅竞争进入深水区，AI颠覆一切？ 国内互联网竞争史，本质是一部流量入口迁移史。门户时代，入口掌握在 ...

Group 1: Market Capitalization and Stock Performance - Walmart Inc's market capitalization has surpassed $1 trillion, placing it among a select group of companies primarily dominated by technology giants [1] - The retailer's shares have more than doubled over the past two years, outperforming the blue-chip S&P 500 index [1] Group 2: E-Commerce and Strategic Investments - Walmart has invested tens of billions into developing a competitive e-commerce platform to rival Amazon [2] - The company operates nearly 11,000 stores globally, reflecting its extensive reach and growth potential [2] Group 3: AI Integration and Long-Term Growth - Walmart demonstrated strong sales and customer demand, along with early leadership in artificial intelligence during investor meetings [3] - The company is confident in its long-term growth prospects, supported by expanded omnichannel capabilities and increased private-label adoption [4] - Walmart's AI agent, Sparky, has advanced from answering questions to taking actions, enhancing its position in AI-driven commerce [5] Group 4: Global Expansion and Revenue Expectations - Walmart aims to double its e-commerce penetration from under 30% in international markets such as Mexico, Canada, India, and China [6] - Analysts project Walmart's fourth-quarter revenue to be $190.32 billion with an EPS of 72 cents [6] Group 5: Competitive Position and Partnerships - Although Walmart's market value is lower than Amazon's $2.6 trillion, it has gained from investor interest in AI and formed strategic partnerships with OpenAI and Google [7] - Walmart has recently switched its stock listing to the Nasdaq exchange and joined the Nasdaq-100 index, reflecting its digital focus [9]

目前的市场格局呈现出"双轨制"竞争：一边是以ChatGPT和Gemini为代表的通用大模型平台，拥有庞大的流量和年轻用户群；另 一边是亚马逊、沃尔玛等零售巨头推出的专用AI工具，虽然用户基数较小，但转化率极高。对于谷歌、亚马逊、Meta以及沃尔玛 等标的而言，谁能在这个早期阶段抢占用户的心智和支付入口，谁就能在未来五年获得巨大的超额收益。 大模型平台渗透率逼近50%，年轻群体是绝对主力 研报指出，通用AI平台的普及率正在稳步攀升。截至2026年1月，ChatGPT和Gemini的月度使用率分别达到了47%和33%，较2025 年10月的45%和32%略有增长。这种增长虽然不是爆发式的，但显示出一种不可逆的趋势。 更为关键的是代际差异。ChatGPT在年轻群体中占据统治地位，在16-34岁的人群中，其使用率高达65%至75%以上。相比之下， Gemini的增长主要来自于35-44岁人群。这种"年龄断层"对谷歌是一个明显的战略信号：如果不尽快弥补在年轻用户中的产品差 距，未来数年的用户基础可能面临流失风险。 我们正处于电子商务的一个关键转折点，即所谓的"代理商务"时代的黎明。摩根士丹利认为，这一趋势并非空洞的炒作 ...

Core Viewpoint - Google's Arts & Culture projects embody the philosophy of "uselessness" leading to significant value, as they prioritize cultural exploration over direct commercial benefits [2][51]. Group 1: Project Overview - Google Arts & Culture features various artistic experiments that do not generate direct revenue, such as the Botanic Atlas, which maps over 30,000 plant species [9]. - The Learning Light project offers virtual tutorials on lighting principles in art and design [11]. - Art Palette allows users to upload images and find matching artworks from over 1,500 cultural institutions based on color analysis [13][24]. Group 2: Interactive Experiences - "Don't Touch the Art" is a humorous game that turns the museum's no-touch policy into a playful experience, enhancing art appreciation [29][31]. - "One Sound, Two Frames" challenges users to match AI-generated music with corresponding artworks, blurring the lines between visual and auditory art [36][40]. - "Musical Canvas" enables users to create art while generating matching music, making art creation accessible to those without musical training [43][46]. Group 3: Cultural Significance - These projects collectively aim to bridge the gap between art and the public, allowing for a more engaging interaction with culture [50]. - The existence of these initiatives reflects a commitment to cultural exploration without the pressure of profitability, highlighting the importance of art in society [51][54].

Summary of the Americas Thematic Focus List Conference Call Industry and Company Overview - **Industry**: The thematic focus is on various sectors across North America and Latin America, particularly in technology, energy, healthcare, and education. - **Companies Featured**: The focus list includes notable companies such as Amazon, Microsoft, NVIDIA, Eli Lilly, and Walmart, among others. Key Themes for 2026 1. **Tech Diffusion**: Emphasizes the rapid adoption of AI technologies across various sectors, with significant implications for productivity and competitive dynamics [12][14]. 2. **The Future of Energy**: Focuses on the increasing demand for energy driven by AI infrastructure and the transition to renewable energy sources [12][17]. 3. **The Multipolar World**: Highlights the shift towards localized supply chains and national economic security, impacting multinational corporations [12][13]. 4. **Societal Shifts**: Explores the implications of demographic changes, AI-driven employment disruption, and evolving consumer preferences [12][18]. Americas Thematic Focus List - **List Composition**: The focus list includes 18 high-conviction stock ideas, with a target holding period of 12-18 months [9][20]. - **Key Companies on the List**: - **Amazon (AMZN)**: Positioned as a leader in AI infrastructure, with a projected 32% upside to a price target of $238.18 [23]. - **Microsoft (MSFT)**: Expected to capture significant AI spending, with a 42% upside to a price target of $456.66 [23]. - **Eli Lilly (LLY)**: A leader in the GLP-1 market, with a 25% upside to a price target of $1,032.97 [23]. - **Walmart (WMT)**: Leveraging AI for operational efficiency, with a 13% upside to a price target of $119.20 [23]. Methodology and Specifications - **Focus List Size**: 15-20 stocks, with equal weighting upon construction [21]. - **Sector Weights**: No fixed sector weights, aiming for diversification [21][22]. - **Regional Weights**: Targeting 80-85% in the USA and 15-20% in Latin America [28]. Important Insights and Data - **Amazon's Growth**: Amazon's custom silicon strategy has grown 150% sequentially, indicating strong demand for its AI capabilities [29]. - **Eli Lilly's Market Potential**: The global diabesity market is projected to exceed $150 billion by the early 2030s, with significant growth opportunities for Eli Lilly [39]. - **NVIDIA's Dominance**: NVIDIA is positioned to capture a significant share of the projected $3-4 trillion in annual AI infrastructure spending by the end of the decade [53]. - **Walmart's AI Strategy**: Walmart's AI initiatives have led to a 50% automation rate in its supply chain, significantly reducing delivery costs [68]. Conclusion The Americas Thematic Focus List presents a strategic overview of high-conviction investment opportunities across key sectors, driven by transformative themes such as technology diffusion and energy transition. The insights provided highlight the potential for significant growth and the evolving landscape of investment in the Americas.

Core Insights - The rush to leverage artificial intelligence has led to the development of numerous "agentic commerce" tools, but many lack consumer appeal and do not align with customer needs [1][2] AI in E-commerce - AI is increasingly significant in e-commerce, accounting for approximately 16% of total retail spending last quarter, with about one-third of shoppers utilizing AI assistants [3] - Shoppers using AI on merchant websites are more likely to make purchases and tend to spend more [3] Retailer Strategies - Retailers are eager to engage big spenders and are exploring how AI can enhance the shopping experience [4] - Promising applications of AI include personalized apparel displays and anticipating consumer needs based on past purchases [5][6][7] Consumer Assistance - AI tools like Walmart's Sparky aim to assist consumers with their shopping lists, helping them consolidate trips for groceries, prescriptions, and services [8]