New York, Feb 5, 2026, 19:38 ET — After-hours trading
Shares of Shopify Inc slipped 2.4% to $111.24 in after-hours trading Thursday, following intraday moves between $107.47 and $115.71. Trading volume hit roughly 17.9 million shares.
Investors continue unloading software and other high-growth stocks amid renewed doubts about AI spending and its returns. The S&P 500 dropped 1.23%, while the Nasdaq slid 1.59%, pressured after Alphabet announced plans for up to $185 billion in capital expenditures through 2026. Amazon plunged 10% in after-hours trading. “This is the first time we’ve seen” a major tech firm undergo “a really large capex cycle,” said U.S. Bank Wealth Management strategist Tom Hainlin. Meanwhile, SimCorp’s Melissa Brown described last year’s AI-driven rally as “perhaps the extinguisher this year.” 1
Shopify’s timing couldn’t be more challenging. The company plans to release its fourth-quarter and full-year results before markets open on Wednesday, followed by an 8:30 a.m. ET conference call. With risk appetite waning, investors will zero in on guidance and margin details. 2
Risk-off sentiment was evident across markets. MSCI’s global equities index dropped over 1% on Thursday, while U.S. Treasuries gained ground following disappointing labor data. Ameriprise strategist Anthony Saglimbene noted that investors are “starting to turn more defensive” in their positioning. 3
Another filing revealed insider selling plans. According to a Rule 144 notice, Gail Goodman intends to offload 1,200 Shopify Class A shares following a same-day stock-option exercise. Rule 144, a U.S. Securities and Exchange Commission protocol, permits insiders to resell stock under specific conditions. 4
The stock swung sharply throughout the day, reflecting a jittery market — brief buying sprees followed by steeper sell-offs, showing little tolerance for pricey growth names. On days like this, Shopify often moves in line with the broader software sector, even when there’s not much company-specific news to drive it.
Shopify’s revenue mix and signs of profitability will draw traders’ attention, particularly the segments linked to merchant activity like payments and other sales-scaled services. Shifts in spending intensity may prove just as important as the overall growth rate.
The risk is clear: a cautious outlook or signs that costs are climbing quicker than anticipated could weigh on the shares, especially if the wider tech selloff continues.
Shopify’s upcoming earnings report and conference call next week stand out as the next major catalyst. Investors will be tuning in closely to management’s tone on growth, margins, and demand to gauge the near-term outlook. 5
