Walmart (WMT)

The sleeper story is delivery economics hitting an inflection point - three consecutive quarters of 40% cost reductions while service improves suggests they're building an unassailable logistics moat. The headline comp beat masks a more important shift: they're becoming a fundamentally different business where higher-margin services drive over half the profit growth while they simultaneously lower prices. The binding constraint is GLP-1 margin pressure - this tailwind is becoming a headwind that requires GM recovery to offset, and that recovery is fragile given 4% GM deflation. Doug's quote 'I'm a little hesitant to talk about AI because someone will chuckle about how old school it sounds' reveals unusual confidence regression for a typically bullish CEO. My view changes if GM comps turn negative when deflation moderates or if delivery cost reductions decelerate meaningfully.