Retail vs. AMZN: Episode 14: Retail vs. AMZN in an Agenti c World; Deep Dives into the AMZN/WMT Battle

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Retail vs. AMZN: Episode 14: Retail vs. AMZN in an Agenti c World; Deep Dives into the AMZN/WMT Battle

J P M O R G A N North America Equity Research

16 June 2026

Retail vs. AMZN

Episode 14: Retail vs. AMZN in an Agentic World; Deep

Dives into the AMZN/WMT Battle

Retailing – Broadlines & Hardlines /

Leisure

Christopher Horvers, CFA AC

(1-212) 622-1316

christopher.horvers@jpmorgan.com

In our 14th annual Retail vs. AMZN deep dive, we have numerous Christian Carlino, CFA

observations. In addition, following this deep dive, Team Retail continues to (1-212) 622-9145

christian.carlino@jpmorgan.com

highlight WMT and W (both Analyst Focus List stocks with WMT added post-

Jolie Wasserman

earnings) as buying opportunities with COST’s share gains enabled in-store and

(1-212) 622-1961

online (with margin tailwinds!). For Team Internet, GOOGL & AMZN should be jolie.wasserman@jpmchase.com

the primary beneficiaries of agentic commerce, and they both remain Best Ideas Internet - Large Cap / Mid & Small

and Analyst Focus List stocks. However, we also believe agentic will expand the Cap

overall e-commerce opportunity, benefiting other players across e-commerce and AC Doug Anmuth

advertising. (1-212) 622-6571

douglas.anmuth@jpmorgan.com

(1) Agentic is more of an opportunity at this point with puts/takes. With AI Bryan M. Smilek AC

platforms driving <1% of web traffic across key e-commerce sites, consumers are (1-212) 622-8886

primarily using LLMs for product discovery with the long-term risk of delegated bryan.smilek@jpmorgan.com

automated replenishment of commodities. That said, if/when we cross that bridge, J.P. Morgan Securities LLC

LLMs don’t control the distribution process (a la AMZN//WMT) and many brands

are reluctant to go DTC. Grocery/CPG face higher price discovery while