Jason Moser

They saw quarterly gross merchandise volume surpassing $100 billion for the first time.

Of course, we saw the stock sell off.

That's not a terrible surprise.

Just like we're talking about with Cloudflare, for as strong as Shopify is, it's still one of those businesses that trades 150-plus times earnings.

There is a lot of optimism baked in.

Now, I get it, they're taking share.

Again, that gross merchandise volume number, very impressive, and that is poised to continue.

I think one of the question marks I have with Shopify, it's not really specific to their business, but we just hear more and more talk about this agentic commerce and exactly what that means.

I think we're going to see how that opportunity in agentic commerce shapes up over the coming quarters and years.

They certainly discussed their AI investments on the call.

They're very excited with the opportunities, the efficiencies, helping their merchants run better businesses, become more effective with their advertising, and ultimately closing sales.

Speaking of the valuation, listen, I think Shopify has at least earned that leap of faith that the market is taking.

It has grown revenue 32% annualized over the last five years.

I think the $2 billion share repurchase is an interesting announcement.

Maybe it's a vote of confidence.

It is a drop in the bucket, you're right.

Ultimately, let's see that that authorization is actually having the desired effect.

Well, Spotify is another one.

I love it as a consumer and was very impressed with these results.

We saw monthly active users up 11%, importantly, premium subscribers up