Every business in the future, just like they have an email address, a website, and a social media presence today, is going to have an AI agent that their customers can talk to in the future.

On the Internet, companies are scale businesses, characterized by high fixed costs and relatively low variable costs. You can be two sizes: You can be big, or you can be small. It's very hard to be medium. A lot of medium-sized companies had the financing rug pulled out from under them before they could get big.

There are all these things that add up into this business that's Walmart that keeps it really interesting. At the root of it all, though, it's a people business and it's a merchandising business. Today, it's increasingly a technology business. The supply chain is critical, of course, and real estate still plays a key role.

As it relates to brick-and-mortar, we've seen it all and done it all. We operate around the world in different formats, different brands. We've got large stores, small stores, all these different formats. So we know that space pretty well, but the e-commerce business was different.

Retail is detail, and that plays out throughout the international business as well. Today's portfolio has got omnichannel businesses in Mexico, Central America, Canada, China, but we also have an e-commerce marketplace in India with Flipkart and our financial services business in India, PhonePe - those are a bit different, but the other markets have a lot of commonality strategically.

From a very early age, I also realized I wanted to invent things. So I became really interested in technology and also then, soon after, in business, because I figured that inventing things wasn't any good; you really had to get them out into the world and have people use them to have any effect.