Walmart’s data assets are “unique” says CEO Doug McMillon
Generative AI technology can be trained to harness vast quantities of data and generate carefully tailored content.Speaking during a conference call to discuss the company’s second-quarter results Thursday, Walmart WMT, -2.24% CEO Doug McMillon discussed the technology’s impact on the retail giant. “Ultimately, the power of generative AI, or any technology, is only as good as the data that powers it,” he said.
“We’re taking large language models developed by our partners and by the broader tech community, and adding retail context to create models that are uniquely suited to the needs of our customers, our associates, and our supply chain,” McMillon added. “We’ll unlock value for shareholders through the combination of our physical automation work, with our data, and increasingly intelligent software.
Walmart sees future opportunities around generative AI, according to McMillon. “I am really excited about what’s possible – we have been working for a few years now to try and get our data in better shape so that we can really put it to work,” he said.
“The opportunity with associates is also terrific,” he said, noting that there are also opportunities to apply generative AI to the company’s supply chain. “I think this will be an opportunity for us for a really long time to try and grow top line and be more efficient as a company about putting that technology to work.”Walmart’s stock fell 2% Thursday.
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