WSJ What’s News (Feb 19, 2026):

Amazon Overtakes Walmart as the Biggest U.S. Company by Revenue

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This episode focuses on the significant business milestone of Amazon surpassing Walmart as the largest U.S. company by revenue, a symbolic moment signaling shifts in the American retail landscape. Alongside, the episode covers record U.S. import levels amid renewed tariffs, soaring beef prices, the future of Uber amid robo-taxi competition, an innovative use of jet engines to power AI data centers, and a breaking news update on the arrest of former Prince Andrew.

Key Discussion Points and Insights

1. Amazon Surpasses Walmart for Top Spot in U.S. Revenues

• [03:20] For the first time in over a decade, Amazon overtakes Walmart as the largest company in the U.S. by annual revenue.
• Sarah Nassauer (WSJ Reporter):

  “It’s a milestone. For the first time in over a decade, Amazon is bigger than Walmart by annual revenue. And that is symbolic... It just speaks to how quickly Amazon has been able to grow. There’s a shift happening.”
  (03:31)

• This marks a symbolic shift both for Walmart internally and the wider industry, reflecting rapid e-commerce growth.

2. U.S. Trade Deficit and Tariffs

• [01:04] The Commerce Department reports the U.S. trade deficit was just over $900 billion in 2025, a modest decrease despite the Trump administration’s tariffs.

• Imports rose 5% and hit a new record, indicating America remains a net importer.

• [01:36] Exclusive WSJ reporting: President Trump is considering a “limited strike” on Iran to pressure for a new nuclear deal, with potential for escalation.

  Trump (at a public event): “Bad things will happen if Iran doesn’t make a deal... you’re going to be finding out over the next year, probably 10 days.”
  (02:30, paraphrased announcement)

3. Walmart Sales Performance vs. Amazon’s Milestone

• [02:39] Walmart posted “strong sales growth” with U.S. comparable sales up 4.6% for the quarter, driven by investments in technology and supply chain.
• John Furner (Walmart CEO):

  “The investments we’ve made in technology and supply chain help us deliver items even faster. They’re paying off here in the U.S.”
  (03:14)

• Delivery services grew 60% over the year.

4. Soaring Beef Prices and the “Luxury Protein” Trend

• [04:33] U.S. ground beef prices rose 17% year-over-year (January 2026), significantly higher than overall grocery inflation.
• Patrick Thomas (WSJ Reporter):
  • Cattle herds shrank initially due to post-pandemic strains and a 2022 drought, driving supply shortages and high prices.

    “Several years ago, cattle ranchers across the United States started shrinking their herds... Now we’re in a situation where we just don’t have the supply to meet demand.”
    (04:37)

  • Few signs herds will rebuild soon, partly due to ranchers aging out and enjoying current profits.

    “There are more farmers over 75 than there are under 35. So some of these guys are just choosing to retire... that creates an environment where beef is just the premier luxury protein.”
    (05:16)

• Efforts to Reduce Prices:
  • Trump’s executive order expanding beef imports may help “a little,” but not enough to impact prices broadly.
  • Rebuilding herds takes two years minimum, so high prices will likely persist.

    “Remember the efforts of trying to incentivize herd rebuilding—It still takes two years due to the biological clock of the animals.”
    (05:52)

• Beef as an economic litmus test:
  • Even as prices rise, demand remains strong. Suggests a “K-shaped” (two-speed) economy:

    “People doing well right now are still buying the high-quality stuff and people are still buying the ground beef that’s traditionally cheaper. So maybe it’s a strange reflection on the American economy right now.”
    (06:29)

  • “K-shaped beef consumption.” (Alex Osola and Patrick Thomas, 06:50-06:52)

5. Uber, Robotaxis, and Autonomous Vehicle Jockeying

• [08:00] Uber’s stock fell sharply (down nearly 25% over six months), with investors worried about the rise of robotaxis (Waymo, Tesla) potentially undermining Uber’s traditional model.
• Dan Gallagher (Heard on the Street):

  “The worry with Uber is that... if robotaxis become this wave of the future, that they’re going to be displaced... there’s a good case to be made that Uber can boost [robo-taxi] utilization because there’s just more people using that platform to get rides.”
  (08:18)

• Uber’s Response:
  • Making significant investments in autonomy and leveraging its customer base.

    “It’s hard to dismiss a company that has such a massive platform... new players have to build a similar platform and that takes a long time.”
    (09:15)

6. Jet Engines Powering AI Data Centers

• [09:33] Rapidly growing power demand for AI is leading data centers to use jet engines (converted to aeroderivative turbines) for energy.
• Jinju Lee (Heard on the Street):

  “Jet engines can be converted into natural gas fired power turbines... Some are refurbished, some are designed specifically for this purpose... They take up less space, which is good. Compared to some other types of equipment, they're also cleaner burning.”
  (09:49–11:02)

7. Breaking News: Prince Andrew's Arrest

• [11:02] Former Prince Andrew arrested in the UK amidst Jeffrey Epstein-related investigations. The royal family expresses “deepest concerns” but supports a full inquiry. Andrew maintains his innocence and was released without charges.

Notable Quotes & Memorable Moments

• “For the first time in over a decade, Amazon is bigger than Walmart by annual revenue. And that is symbolic... It just speaks to how quickly Amazon has been able to grow.”
  — Sarah Nassauer (03:31)

• “Several years ago, cattle ranchers... started shrinking their herds... Now we’re in a situation where we just don’t have the supply to meet demand.”
  — Patrick Thomas (04:37)

• “There are more farmers over 75 than there are under 35. So some of these guys are just choosing to retire... Beef is just the premier luxury protein, as some people are saying.”
  — Patrick Thomas (05:16)

• “People doing well right now are still buying the high-quality stuff and people are still buying the ground beef that’s traditionally cheaper. So maybe it’s a strange reflection on the American economy right now.”
  — Patrick Thomas (06:29)
  “K-shaped beef consumption.”
  — Alex Osola (06:50), Patrick Thomas (06:52)

• “The worry with Uber is that... if robotaxis become this wave of the future, that they’re going to be displaced because maybe way more people would prefer robotaxis over human drivers.”
  — Dan Gallagher (08:18)

• “Jet engines can be converted into natural gas fired power turbines... The demand is that high.”
  — Jinju Lee (09:49)

Timestamped Segment Guide

• 00:33 – Headlines: Amazon overtakes Walmart, U.S. imports record, beef prices surge
• 01:04 – Trade deficit, tariff impacts, Trump’s Iran deliberations
• 03:11 – Walmart’s sales and tech investments
• 03:20–03:31 – Amazon overtakes Walmart — analysis
• 04:33 – Beef prices up 17%; causes and outlook
• 04:37–06:16 – Patrick Thomas on beef: supply, “luxury protein,” import efforts, aging workforce
• 06:29–06:53 – Demand dynamics; “K-shaped” economy and beef
• 08:00 – Uber stock troubles, robotaxi competition (Waymo, Tesla), platform analysis
• 09:33–11:02 – Jet engines as power for AI data centers; tech explanation
• 11:02 – Breaking: Former Prince Andrew arrested, ongoing investigation

This episode succinctly encapsulates pivotal trends shaping the American economy: a power shift in retail, stubbornly high beef prices as a sign of deeper economic divides, the tectonic changes facing ride-hailing, and how even energy supply is being transformed by digital innovation. Despite its brevity, the episode provides clarity, context, and voices from inside the stories.