[Walmart's stock was once a market darling, but now its tech-fueled valuation faces a reality check](https://www.marketwatch.com/story/walmarts-stock-was-once-a-market-darling-now-its-tech-fueled-valuation-faces-a-reality-check-6bccfbcd) — and the headline nails it. The problem isn't tech underperformance; it's that Walmart built a $600B+ company by dominating a business model that structurally caps margins.

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