(NYSE: WMT) has been on the offensive lately. It excited investors last week with the announcement of a 3-for-1 stock split, and it captured attention again this week with reports that it might acquire smart TV maker Vizio.

But it's probably not looking to compete with the likes of industry leader Roku (NASDAQ: ROKU). This move is more about gaining the upper hand, or at least a competing hand, in its battle for consumer spending with perennial rival Amazon.

Walmart is still the largest U.S. company by sales, but Amazon is closing the gap. Amazon's revenue increased 12% year over year in 2023, and Walmart's revenue increased 2.7% over the trailing 12 months. This trend has been going on for years, but Walmart is just that much bigger, and Amazon has not been able to overtake it yet.

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Source Fool.com