Walmart becomes first retailer to hit $1tn market value

Walmart has become the first traditional retailer to hit a $1tn (730bn) market valuation, propelling it into a small group dominated by tech firms.

The milestone reflects the US retail giant's booming e-commerce business and its success in drawing in price-conscious shoppers. Wall Street has also responded enthusiastically to its investments in artificial intelligence (AI).

Walmart joins an elite club of mostly tech firms, including Nvidia and Alphabet, with valuations over $1tn.

The company's share price, which has soared in recent months, rose by more than 3% on Tuesday.