Retail leaders face war, inflation and AI shifts

Several large U.S. retailers and healthcare names are in focus as commentators assess how the Iran war, inflation concerns, and artificial intelligence spending are shaping investor sentiment. Recent broadcasts and analysis highlight Amazon.com (AMZN), Costco Wholesale (COST), Walmart (WMT) and CVS Health (CVS) as bellwethers across e-commerce, warehouse clubs, mass retail and healthcare.

On April 9, shares of Amazon.com (AMZN) traded up 4.7% to $231.74 after CEO Andy Jassy’s annual shareholder letter emphasized the strength of the company’s artificial intelligence business. He disclosed that AI services at Amazon Web Services had reached an annualized revenue of more than $15 billion and framed heavy infrastructure spending as necessary to lead in the field.

The stock move was also attributed to Amazon Pharmacy’s new partnership with Eli Lilly (LLY) to provide same-day delivery for its GLP-1 pill, as well as a drop in energy prices linked to a reported ceasefire between the U.S. and Iran that lowered shipping costs. Analysts reacted positively, with some raising price targets and pointing to AI investments as a driver of future revenue.

Separately, Jim Cramer addressed what he described as “negative whispers” around Amazon, including worries that a slowing consumer might hurt Amazon Prime. He argued that Amazon is “tight as a drum,” saying the company does not leak information and that it is difficult for outsiders to get a read on its retail sales, which influenced his decision to keep holding the stock.

Costco Wholesale (COST) has attracted attention both from consumers and market commentators. The retailer has gone viral by selling one-ounce gold bars through its membership warehouses and online channels. These gold bars have reportedly sold out quickly and generated waitlists, adding revenue and visibility beyond Costco’s core bulk groceries and general merchandise.

According to Simply Wall St, Costco shares recently traded at about $1,032.03, around 3.4% below a consensus analyst target of $1,067.94 and within a one standard deviation range between $945.76 and $1,190.11. The service assesses the stock as trading 31.6% above its estimated fair value, flagging a rich valuation, while also noting roughly 3.5% positive 30-day momentum.

Jim Cramer has highlighted two catalysts for Costco as he discussed the impact of the Iran war on markets. He cited the company’s reputation for offering some of the cheapest gasoline, which he said helps drive new memberships, and its role as an “inflation fighter.” Cramer grouped Costco with Walmart (WMT) as stocks he would buy in what he described as a difficult economic environment and said his Charitable Trust remains long Costco.

Cramer also focused on Walmart, describing it as “a stock that truly defines the term juggernaut” and noting that it has begun to attract wealthier customers with incomes above $100,000 while remaining a key destination for less well-off shoppers. However, he pointed to a 3.4% single-day decline and said the stock is trading at 42 times its fiscal 2027 earnings estimates, near the high end of its historical range, calling that multiple “rich.”

In healthcare, Cramer reiterated support for CVS Health (CVS). Responding to a caller asking whether to sell, hold or buy more CVS shares, he said CEO David Joyner is “the real deal” and described CVS as “real,” characterizing his stance as a buy call. He referenced a January 8 episode in which he noted that healthcare was one of the only sectors to finish 2025 with double-digit gains and said CVS Health was the best performer, up nearly 77% as it recovered under Joyner while competitor Walgreens shut many stores.

CVS Health is described as providing healthcare solutions through insurance, pharmacy benefit management and retail pharmacy services. Cramer said he is “looking for another huge year” for the company, linking its prior share-price recovery to management changes and sector conditions after regulatory worries did not fully materialize.

Across these names, recent commentary underscores how company-specific factors intersect with macro issues such as war-related uncertainty, inflation expectations and the adoption of AI. Amazon’s disclosed $15 billion AI run-rate, Costco’s gold bar program and gasoline strategy, Walmart’s premium valuation, and CVS’s healthcare rebound are all cited as important elements shaping views on large-cap consumer and healthcare stocks.