Walmart Shares Rise In Premarket After Hitting New Peak On OpenAI Tie-Up

Walmart shares rose 0.3% in early premarket trading on Wednesday, after hitting a record high in the previous session following a partnership with OpenAI.

Through a new integration, users can now purchase groceries and household products from Walmart from the ChatGPT app. The optimism for the partnership was on display on Stocktwits, where member comments around the WMT ticker surged 730% in the past 24 hours and retail sentiment climbed from 'bullish' to 'extremely bullish.'

On Tuesday, Walmart shares rose 5% to a record high of $107.21, adding about $50 billion to the company's market cap. The trading volume was double the average. A similar partnership with OpenAI drove Etsy and Shopify stocks higher late last month.

On Stocktwits, users noted that the WMT stock had broken past a key resistance level, signaling an upward move in the coming days.

"After forming two troughs near the same support level, the price broke above the neckline resistance, indicating renewed bullish control. This structure typically marks the end of a downtrend and the start of a new upward move," said one user.

With Tuesday's rally, WMT stock is up 4% so far this month and 13.3% year-to-date.

Separately, investment research firm BTIG initiated coverage on Walmart shares with a 'Buy' rating and $120 price target, saying that the company is positioned for continued market share and profit gains.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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