The Fortune 500 has a new winner

The Fortune 500 has a new leader: Amazon. Walmart on Thursday reported total revenue of $713.2 billion for the recently ended fiscal year, a hair less than the $716.9 billion full-year revenue Amazon reported two weeks ago, meaning that, barring any unexpected surprises, Amazon will rank No. 1 on the next edition of the Fortune 500 list, which will publish in early June. Fortune's Phil Wahba explains how Amazon ended Walmart's 13-year run.