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For most of this year, the market treated Shopify (SHOP) as a company that artificial intelligence was quietly going to hollow out. The fear was specific: if shoppers ask an AI agent what to buy instead of clicking through a merchant’s storefront, what happens to the platform underneath that storefront? On August 5, Shopify’s second…

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ICE agents stand guard outside a immigrant detention center in Newark, New Jersey in May 2026. Medicaid officials improperly shared data about millions of people with ICE, who then shared that data with the data analytics firm Palantir, according to new court filings. Adam Gray/hide caption

The bear case on Shopify (NASDAQ: SHOP) over the past year has been simple. If artificial intelligence (AI) agents start doing the shopping, they could come between merchants and their customers, cutting the e-commerce platform behind those merchants’ storefronts out of the transaction. Coming into this week’s report, shares sat about 32% below their 52-week…