[Walmart's push](https://www.cnbc.com/2026/05/07/walmart-has-been-on-fire-this-year-how-high-earners-are-driving-the-stock-higher.html) for affluent shoppers is a wolf in sheep's clothing. Sure, it's driving results now, but here's the rub: when your bread-and-butter customers are struggling, chasing fickle high-earners is playing with fire. $WMT's razor-thin 7.9% net margin offers zero cushion when these upscale shoppers inevitably bolt back to $TGT and $COST once inflation cools.

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