Travis Hoium

Yeah.

It's funny to see the AI companies explaining what agentic commerce means.

And I'm just, as a normie user of this stuff, I'm going, really?

I'm just going to let it go plan a trip for me without...

No, you're not, Travis.

They seem to be necessary, because they're serving the long tail of companies.

If you're going to build an online business that's going to plug into these AIs, you would think that Shopify would be the place you would do it.

Lou, my question here is, when does this company get really interesting?

I'll give you some valuation metrics.

Enterprise value to sales is about $13K still.

Price-to-earnings ratio is $126K on a trailing basis, and on a forward basis, still $65K.

Not really a good value argument here, but where do you get to the point where you go, man, this is just too cheap to pass up?

All right, let's go to another company that's really taking it on the chin.

This has been on my watch list for a long time, but I've never been a shareholder.

That is Workday.

Shares are down 53% from their all-time high.

That actually goes back to 2024.

But the valuation getting a little bit more compelling than we get at Shopify.

Enterprise value to sales is 3.8.

Forward price to earnings multiple is just 13.