Toronto, May 25, 2026, 11:08 (EDT)
- Shopify finished its last trading session on Nasdaq at $103.00. U.S. markets didn’t open Monday because of Memorial Day.
- The Toronto shares traded at C$144.15, up 1.16%. Canada’s main index also hit a record.
- The debate for now is still about AI-fueled growth versus increased spending, as seen after Shopify’s May earnings reset.
Shopify Inc’s U.S. shares face their first fresh price action Tuesday, after Nasdaq paused for the long weekend. The stock kept trading in Toronto as Canadian markets stayed open, and the shares ended higher there.
The Nasdaq-listed stock closed Friday at $103.00, dropping 1.77%. Over the week, it was up about 0.6% from May 18 through May 22, based on closing prices, but trading was bumpy. Shares jumped 3.96% on Wednesday, then slid on Friday.
Shopify is still working to rebuild trust after the stock fell on earnings earlier this month. Even with a 2.71% gain over five days, MarketScreener put shares down 36.01% for the year to date at Friday’s close.
Materials led gains in Canada’s main stock index Monday, with the S&P/TSX Composite up 0.7% at 34,778.98 by 10:21 a.m. ET, Reuters reported. Oil dropped as traders watched for signs of a possible U.S.-Iran deal.
AI is still the focus for the company, with software powering search, recommendations and data-driven decisions. Shopify said on May 5 that first-quarter revenue rose 34% and free cash flow margin was 15%. The company expects revenue will climb at a high-twenties percentage in the second quarter, with operating expenses between 35% and 36% of revenue.
Shopify stock fell after the company’s Q2 sales and profit forecast matched expectations, Reuters said, and costs climbed more than 20%, even though revenue and profit topped estimates. D.A. Davidson’s Gil Luria called it a “very strong quarter,” but said the expense outlook made investors pause. Reuters
Shopify President Harley Finkelstein told investors that “AI is making entrepreneurship dramatically more accessible,” adding that orders from AI searches were up almost 13 times. Finkelstein said Shopify was the only platform that lets merchants sell within ChatGPT, Copilot, and Google through one system. Investing.com
Shopify is making a bigger bet on “agentic commerce,” which uses AI to help shoppers browse and buy. In March, Shopify VP Product Mani Fazeli said, “Wherever commerce goes next, our merchants will be there first,” as the company brought ChatGPT, Microsoft Copilot, Google AI Mode and Gemini to its merchants. Shopify
Google said its Universal Commerce Protocol was built with Shopify and other big names like Etsy, Wayfair, and Walmart. AI shopping standards are moving toward shared ground, not just one company’s turf. The competition isn’t going away.
The risk is there too. If AI assistants put together shortlists that skip Shopify merchants, the channel might eat into some of the direct-store traffic Shopify relies on. Roger Dunn, chief commercial officer at THRAD, said in a piece for Microsoft Advertising that when AI picks who makes the list, “If you’re not on it, you don’t get to make your case.” Microsoft Advertising
Most analysts still call the stock a “buy,” but some have started to roll back targets. MarketScreener’s list shows 51 analysts with a consensus rating of “buy” and an average target of $151.11. Piper Sandler, UBS and Oppenheimer each cut targets between May 5-6, according to MarketScreener.
Shopify’s next big scheduled event is its June 16 annual general meeting, according to its investor page. U.S. trading picks up again Tuesday after the holiday. Until then, traders are set to watch how tech names move, momentum in Toronto, and if analysts shift targets again off the back of the AI spending talk.
