(https://www.cnbc.com/2026/08/11/consumer-tech-is-flirting-with-ai-best-buy-will-benefit-truist-says.html), but that thesis assumes a consumer with disposable income AND upgrade cycles still functioning. The data tells a different story. Walmart's 3.0% net margin and WMT's negative free cash flow (-1.9B) show discretionary shoppers are already retreating to essentials.

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