SHOP - Shopify Inc.

Great name, good mix.

Included in host's software list.

GMV growth accelerating to 30%, revenue growth similar, free cash flow machine (capital-light), improving margins, forward P/FCF ~56x—premium but justified by consistent outperformance and founder-led leadership.

Platform uptime during peak events (Black Friday) is unmatched. Global selling across all platforms and regions instantaneously. Tax and payment management is a hard problem that solves. Not easily replaced by vibe coding. Host plans to hold for decades.

Beautiful company in the portfolio, just increased buyback program from $3B to $5B. Has the free cash flow to support it. Market is selling it off but fundamentals remain strong.

Host holds Shopify despite it being down 40% YTD. He's up on his position. Believes it's a good business but acknowledges software names are being sold off as rotation goes into AI infrastructure.

Host is a long-term Shopify holder, praising Toby Lutke's leadership, high bar for excellence, and the company's role in helping other businesses make money. He sees the Reddit partnership as beneficial (though more so for Reddit) and views Shopify as a company he'll hold into retirement.

Tanner mentions Shopify will 'do very good during this moment' and could potentially acquire other businesses like Wix. He notes Shopify went up on the day of the stream.

Tanner mentions he'd be very happy to buy Shopify in the low 80s. Joshua Kushner (Oscar Health founder) made a $100M Shopify investment. Stock was approaching $100 during the stream, so his target wasn't met.

Stock has been declining. Bearish if it falls below $94.50, expect the downtrend to continue.