Wal-Mart launches tech incubator focused on virtual reality and artificial intelligence

Retail chain giant Wal-Mart is launching a tech incubator in Silicon Valley, focused on robotics, virtual and augmented reality, machine learning and artificial intelligence. Dubbed as "Store 8", the new incubator's name is a reference to a Wal-Mart location in Arkansas, where the company experimented with new store layouts. The new initiative was announced by Marc Lore, CEO of Walmart's U.S. e-commerce business at the Shoptalk conference in Las Vegas. Marc Lore is also the co-founder of Jet.com, the e-commerce startup that was acquired by Wal-Mart in 2016, for a sum of $3 billion USD in cash and $300 million USD in stock. According to Lore's statement, Walmart will invest in the startup businesses like a VC company and grow the group as a portfolio.