$WMT reports in the morning, and this one feels bigger than most people think. The stock just pushed past a $1T market cap and is trading near tech-level multiples, not what you usually see from a grocery-heavy retailer. So the real question: do the numbers actually justify the story?

Here’s what I’m watching:

• $WMT Connect ad revenue the high-margin growth engine behind the bull case

• Tariff and cost guidance any hints of margin pressure ahead

• E-commerce momentum vs Amazon are they still gaining digital share?

• Same-store sales probably the clearest read on how strong the consumer really is

This feels like a real-time check on U.S. consumer resilience. And at this valuation, even a small crack in the story could matter.

What’s your call clean beat, cautious guide, or multiple compression?