WSJ Tech News Briefing: Tech Minute — Amazon Surpasses Walmart as America’s Biggest Company

Date: February 20, 2026
Host: Julie Chang (The Wall Street Journal)

Episode Overview

In this Tech Minute edition, Julie Chang breaks down three major tech stories of the day:

• Amazon overtaking Walmart as America's largest company by revenue
• Apple’s imminent foray into AI-powered smart glasses and the market implications for eyewear giant EssilorLuxottica
• A former Google employee indicted for allegedly stealing Pixel phone trade secrets, reflecting the rise in federal trade secret cases

Key Discussion Points & Insights

1. Amazon Becomes the Largest American Company

Timestamps: 00:22 – 00:54

• Amazon has officially surpassed Walmart in annual revenue, with $717 billion compared to Walmart's $713 billion (as of end of January).
  • Julie Chang (00:25): “Amazon is now the country's largest company by revenue, surpassing Walmart.”
• Walmart had anticipated this for years and has shifted its strategic focus from growth and being the largest, to being “America’s favorite place to shop.”
  • Julie Chang (00:37): “Walmart leadership prepared for years to lose the title, shifting its focus to becoming America's favorite place to shop over being the biggest or growing fast.”
• Both companies did not comment on the revenue change.
• Amazon highlighted their superior delivery speeds in 2025.
  • Julie Chang (00:54): “An Amazon spokeswoman highlighted the company’s fast delivery speeds in 2025.”

2. Apple’s Entry into Smart Glasses Market

Timestamps: 00:54 – 01:29

• Apple is expected to begin production of its own AI-powered glasses by the end of the year.
  • Julie Chang (01:12): “Apple is gearing up to begin production of its own model of AI powered glasses as early as the end of this year.”
• This news negatively impacted shares of EssilorLuxottica, the Franco-Italian eyewear giant and Meta’s partner for smart glasses.
• Despite market jitters, a Stifel analyst views Apple's entry as a way to rapidly grow consumer awareness and expand the total addressable market, rather than as a direct threat to EssilorLuxottica.
  • Julie Chang (01:22): “But the analysts said an entry by Apple and other tech firms into the market should speed up consumer awareness and expand the total addressable market.”

3. Former Google Employee Indicted for Trade Secret Theft

Timestamps: 01:29 – 02:08

• A former Google hardware engineer (2019–2023) has been indicted for allegedly stealing trade secrets related to Pixel phones.
  • Julie Chang (01:31): “A former Google employee accused of stealing trade secrets related to the company's Pixel phones was indicted yesterday.”
• The employee, along with her husband and sister, faces six theft-related charges.
• This is the third high-profile Google trade secrets case in recent years, per Lex Machina.
  • Reflects a broader trend: Federal trade secret cases in the US increased by 20% last year, reaching around 1,500—the highest in at least a decade.
  • Julie Chang (01:52): “Federal trade secret cases in the US rose 20% last year to around 1,500, the highest figure in at least a decade.”

Notable Quotes & Memorable Moments

• Julie Chang (00:25): “Amazon is now the country's largest company by revenue, surpassing Walmart.”
• Julie Chang (00:37): “Walmart leadership prepared for years to lose the title, shifting its focus to becoming America's favorite place to shop over being the biggest or growing fast.”
• Julie Chang (01:12): “Apple is gearing up to begin production of its own model of AI powered glasses as early as the end of this year.”
• Julie Chang (01:22): “An entry by Apple and other tech firms into the market should speed up consumer awareness and expand the total addressable market.”
• Julie Chang (01:52): “Federal trade secret cases in the US rose 20% last year to around 1,500, the highest figure in at least a decade.”

Timeline of Key Segments

• 00:22 – 00:54 | Amazon surpasses Walmart as America's largest company
• 00:54 – 01:29 | Apple’s anticipated launch of AI smart glasses and impact on EssilorLuxottica
• 01:29 – 02:08 | New trade secret indictment for a former Google engineer; general trend of rising tech IP theft lawsuits

Summary:
Today’s Tech Minute underscores a major shift in the US corporate landscape with Amazon’s rise, previews a potential shakeup in the connected eyewear market with Apple’s smart glasses ambitions, and highlights the intensifying battle over tech intellectual property in American courts.