Bank of America sees advertising upside in Walmart's connected TV and marketplace push

A Bank of America analyst, after meeting with Walmart Connect leadership, argued the retailer is gaining advertising dollars that might otherwise go to rival platforms. The note points to roughly 150 million weekly shoppers as a data asset, rising ad spend from third-party marketplace sellers, and the August 2026 acquisition of Vibe.co, a self-service streaming TV ad platform for small and midsize businesses, building on the earlier Vizio deal. The analyst also flagged the migration of Sam's Club U.S. advertising onto Walmart's technology platform as a possible lift to brand spending. Risks cited include slowing food inflation, tougher competition and weaker global retail conditions. The analyst's valuation framing is omitted here. The news was first observed by Moatkeep today; the source article is dated October 19, 2026.

1. Bank of America analyst Christopher Nardone met with Walmart Connect executive Ryan Mayward and highlighted the advertising opportunity.
2. Walmart has access to roughly 150 million weekly shoppers, per the note.
3. Walmart acquired Vibe.co in August 2026 and Vizio in December 2024.
4. Marketplace sellers reportedly spend 10% to 12% of gross merchandise value on advertising, versus 4% to 6% for traditional suppliers.
5. Sam's Club U.S. advertising operations are moving onto Walmart's technology platform.
6. Risks flagged include slowing food inflation, tougher competition and weaker global retail conditions.