Shares of Shopify (NASDAQ: SHOP) charged sharply higher on Wednesday, surging as much as 8.9%. As of 11:59 a.m. ET, the stock was still up 7.3%.
The catalyst that sent the e-commerce platform provider higher was its decision to embrace artificial intelligence (AI) agent shopping.
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Taking the other side
The release earlier this month of Meta Platforms‘ (NASDAQ: META) Muse personal AI agent is turning heads once again. Reports broke yesterday that downloads of Muse are surging, quickly climbing to the top of the charts as the leading free app on Apple‘s App Store. The AI agent’s popularity is surging, as evidenced by 730,000 downloads in the first five days after its debut on Sept. 8, according to data provided by Sensor Tower (per CNBC).
However, the world’s two largest e-commerce platforms are taking very different approaches to Muse’s ability to complete digital retail transactions.
Amazon has blocked the AI agent from accessing its platform, saying, “Continued access by an unauthorized AI agent violates Amazon’s Conditions of Use, to which our customers have agreed.”
Shopify has taken a different approach, partnering with Meta to allow Muse to complete transactions on behalf of its users. In a post on X yesterday, CEO Tobi Lütke said, “We are excited to announce we are partnering deeply with Muse to enable agentic checkout with Shop Pay on all Shopify stores, offering people an easy and delightful way to shop and check out with Muse.”
While some investors were concerned that the rise of AI agents might pose a threat to Shopify’s business, this partnership suggests those fears are likely unfounded.
Shopify has been on a tear recently, and at 100 times earnings, the stock won’t be for everyone. However, it’s worth pointing out that that’s a significant discount to its three-year average multiple of 172.
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Danny Vena, CPA has positions in Amazon, Apple, Meta Platforms, and Shopify. The Motley Fool has positions in and recommends Amazon, Apple, Meta Platforms, and Shopify. The Motley Fool has a disclosure policy.
Why Shopify Stock Rocketed Higher Today was originally published by The Motley Fool
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: finance.yahoo.com
