Wall Street is getting skeptical about the AI rally amid concerns about a potential bubble, circular funding, valuations and debt loads. Why it matters: Old-economy stocks could be set for an AI renaissance as investors examine classic companies that can benefit from the technology.

Walmart has announced a new partnership with OpenAI that will soon allow customers to shop using ChatGPT — marking a revolutionary step into AI-driven retail. The collaboration will allow shoppers to use conversational AI for tasks such as meal planning or restocking essentials, with purchases completed through Walmart’s Instant Checkout.

Having already issued a warning about employee evolution, Walmart CEO Doug McMillon has doubled down on AI changing jobs forever. The company host over 2 millions employees worldwide.

Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

Walmart ( WMT) on Friday unveiled new AI-powered shopping tools on its app ahead of the holiday season. The company's new initiatives are set to offer AI-generated shopping lists for events, prompts to find in-store savings, and improved navigation to show an item's precise location in a store.

Walmart is combining AI and augmented reality with a feature called Shop the Background, which lets customers click on items in product images, like artwork or furniture, to add them directly to their carts. Additionally, the retailer’s Dynamic Showroom tool lets shoppers view different spaces and swap out furnishings to meet their preferences.

Walmart's AI-powered Ad business is growing with a potential for $5 billion in additional profit. Partnership with OpenAI's ChatGPT

Walmart’s investment in AI reflects a broader shift in retail strategy. Physical stores are increasingly being viewed as multifunctional fulfilment centres that serve local communities while supporting e-commerce operations. By embedding AI in these processes, Walmart is: