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Walmart Inc (NYSE:WMT) didn't declare a tech war on Amazon.com Inc (NASDAQ:AMZN) this quarter — but its third quarter earnings call made something very clear: the world's largest retailer is no longer playing defense.
It's quietly building an automation machine that is starting to bend costs, boost leverage and challenge Amazon on the one battleground investors assumed was untouchable — logistics efficiency.
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For years, Amazon has been the undisputed king of warehouse robotics and last-mile optimization. But Walmart just showed its hand. As Walmart CFO John David Rainey put it during the company’s call, "More than 50% of our volume from fulfillment centers is coming from automation."
That single line signals a structural shift: Walmart isn't dabbling in automation — it's scaling it.
Rainey underscored how this automation wave is hitting the P&L: "Our shipping costs have been down consistently for many quarters in the 30% range."
And those savings aren't theoretical. They helped Walmart post something investors haven't seen since 2022: "We demonstrated leverage in the business this quarter — the first time in two years."
Against Amazon's massive infrastructure — from next-gen robotic warehouses to its increasingly efficient direct-ship logistics — this is the first moment where Walmart's tech investment is delivering measurable margin payoff.
Amazon still claims its fulfillment engine can outperform rivals by a wide margin, and its logistics network keeps getting faster. But Walmart's tone suggests it believes the competitive math is shifting. Rainey didn't hedge when he said, "Walmart is better insulated than just about anybody."
That confidence is rooted in more than low prices. Walmart is now building a network where automation does the heavy lifting, cost per order continues to fall, and speed improves without compromising value. Investors long viewed Amazon as the only retailer capable of running this playbook. Walmart is proving it can execute a version of it — cheaper.
If Walmart keeps shaving costs with automation while Amazon enters a new investment-heavy robotics cycle, the long-standing valuation gap between the two giants may face pressure. For the first time in years, Walmart isn't just competing with Amazon — it's catching up on the very metric Amazon defined.
Amazon may have invented the modern retail supply chain. Walmart just showed it can run one with lower costs — and rising leverage.
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