Shopify Was Supposed to Be an AI Casualty. Its AI-Referred Traffic Just Tripled.

Shopify's Q2 earnings report showed AI-referred traffic and orders tripled year-over-year, with new buyers from AI channels converting at nearly twice the rate of traditional channels. The company's core business also accelerated with 34% revenue growth to $3.6B and 32% GMV growth to $115.6B. Despite strong results, the stock's 70x forward earnings multiple means the positive news may already be priced in.