New York, Feb 4, 2026, 12:33 (ET) — Regular session
Shopify Inc shares fell 5.5% to $112.74 by midday Wednesday, sliding further after two tough sessions. Sellers remained active, targeting high-growth tech stocks. Trading volume exceeded 10 million shares as the stock opened weak and fluctuated broadly.
The move is significant as Shopify enters earnings season with investor nerves on edge. This week’s sell-off stems less from Shopify’s own news and more from a broad revaluation of software and platform stocks, as traders wrestle with how new AI tools might impact margins and pricing power.
Shopify plunged 9.7% Tuesday on the Toronto exchange, dragging down Canada’s tech sector which shed 5%. The slide followed worries over competition sparked by an upgraded AI chatbot, shaking software stocks across North America and Europe.
Anthropic’s rollout of plug-ins—tools that enable its Claude Cowork “agent” to automate tasks in legal, sales, marketing, and data analysis—has ignited debate. “Sometimes the market just shoots first and asks questions later,” said Mike Archibald, portfolio manager at AGF Investments, as investors grappled with short-term jitters versus the long-term business outlook. Reuters
On Wednesday, markets remained jittery. By 11:32 a.m. ET, the Nasdaq had slipped roughly 1%, while the Dow edged up. Investors are still grappling with the notion that AI could disrupt long-established software giants. “If you’ve got legacy software that’s old and clunky, you’re a ripe target for AI,” said Josh Chastant, a portfolio manager at GuideStone Funds. Reuters
Tuesday’s sell-off hammered a slew of software stocks. Salesforce, Datadog and Adobe each dropped roughly 7%, and Intuit plunged 11%, Reuters reported. “We’re seeing a lot of software companies across the spectrum get hit,” noted Art Hogan, chief market strategist at B. Riley Wealth. Reuters
Shopify investors face a narrowing window. The company’s investor site has scheduled its fourth-quarter 2025 earnings call for Feb. 11.
Traders usually zero in on gross merchandise volume, or GMV — the total dollar value of goods sold through Shopify-powered stores — as well as payment-related revenue and the pace at which operating costs rise compared to sales. But it’s the guidance that often carries more weight than the headline figures.
The risk runs both ways. Should this week’s AI-fueled selloff ease and Shopify’s guidance remain solid, the stock could bounce back fast. But if the company signals weaker merchant demand, tighter margins, or tougher competition, investors may lose patience with high-multiple stocks even quicker.
Shopify’s next major moment arrives on Feb. 11, when it will update investors on demand trends and its outlook. In this market, the tone could weigh just as heavily as the actual numbers.
