Matt Frankel

It looked really solid on the surface.

I do own it.

I opened a position in 2022, I believe, right after the stock plunge.

Last time, they were calling for the death of SaaS companies.

It was right at the end of the pandemic when e-commerce was drying up and things like that.

It's been a very solid investment for me so far.

One thing I would say,

is that while the threats of agentic AI shopping are certainly to be taken seriously, but on the other hand, Shopify has been challenged before with new technologies and has historically done a great job of adapting.

I have no reason to believe that won't happen now.

They're so ingrained in their customers' business.

They do a whole lot of different things for each of their customers.

It's not just as a shopping platform.

I think it's an opportunity here, in my opinion.

I'm not going to sit here and try to make sense of the FDA's decision here.

It's kind of a head scratcher to the three of us and to Moderna in general.

I follow the company pretty closely.

It's definitely a setback, but it's not what I would consider a game changer.

I'll tell you why.

On one hand, the flu vaccine is by far the furthest along of the 50-plus candidates Moderna has in its pipeline.

But on the other hand, it is still one of more than 50.