Caroline Hyde

So what are the data sets that you're tracking that evidence that impact of tariffs, either through a diminished spend or same level of spend, but you just get less for it?

We actually measure both consumer confidence, but also consumers' appetite to spend at checkout.

And so far, I mean, as we speak right now, Ed, $2.5 million are going through checkout every single minute.

So we've operated through all types of macro environments, and our focus is always the same, which is support merchants.

And I think what we're seeing, though, is that, you know, whether during the pandemic, for example, we introduced tools like, you know, contactless delivery back in 2020.

Well, now we're creating tools to help merchants navigate cross-border tariffs and navigate sort of some global uncertainty to make sure they have everything they need.

So we're not complacent about this.

We're tracking macro conditions.

But so far, Shopify merchants consistently outperform the overall market.

And we're seeing that they're, you know, they have a lot of buyers right now.

Heidi Finkelstein, great to have some time with you.

President of Shopify.

What a weekend it's been for you, I'm sure.

Now coming up, we speak with Runway CEO Cristobal Valenzuela.

As of course, the company's launching its latest texture video model is already top of the leaderboards.

This is Bloomberg Tech.

Runway, when it's announced the launch of its latest AI model, Gen 4.5, which aims to deliver the best in the world text-to-video.

Joining us now to break down why it's that is Cristobal Valenzuela, Runway CEO.

Last time I checked on the leaderboards, some of them already have you at the number one spot.

Cristobal, what is it that yours offers versus Sora 2 versus the latest Google offering?