Walmart is the prime beneficiary of consumer bifurcation, gaining trade-down share from higher-income households while maintaining low-end loyalty. Walmart+ and advertising (Connect) drive high-margin revenue mix shift. Marketplace third-party expansion and Walmart Fulfillment Services scale e-commerce profitability. AI-driven supply chain and demand forecasting widen the moat. International (Flipkart, China) remains long-dated optionality.