In fiscal year 2026, Walmart's global e-commerce surpassed $150 billion, accounting for over 20% of total revenue, becoming the second-largest business segment after its U.S. offline operations. In terms of industry position, Walmart has firmly secured its spot as the second-largest e-commerce platform in the U.S., just behind Amazon. Walmart is about to hit a trillion-dollar market cap, with a P/E ratio of 42—higher than some internet companies. What's going on here?