Neal Freiman

And analysts are calling it a hollow victory.

So Amazon leapfrogged Walmart.

But at the same time, it's not necessarily an apples to apples comparison.

Amazon has not necessarily beaten Walmart at the retail game.

It just essentially launched a new business that Walmart does not compete in.

That business is AWS.

It's cloud computing.

Take AWS out of the equation and Amazon's revenue in 2025 would have been $588 billion, nowhere close to Walmart.

So it's been very interesting to see Walmart and Amazon encroach on each other's turf.

Walmart has been very successful getting into the e-commerce business and Amazon has been less successful getting into the brick and mortar business where Walmart dominates.

But at the same time, Amazon has AWS, which generates very, very high margins and a lot of revenue.

It is growing pretty fast.

Last year, Amazon sales grew 12.4%.

Walmart grew at 4.7%.

And over the past decade, Amazon's revenue has increased almost 10 times the pace of Walmart.

And I'm just thinking about Jeff Bezos yesterday.

He

When he was building Amazon in the early 90s, I mean, he was studying Sam Walton.

That was the guy that he was saying, as I'm building my online bookseller, I'm focused on what Sam Walton did.

And now to have Amazon pass it, it's quite an achievement to make, what, $717 billion a year.