Core Insights - SEON has announced a strategic partnership with Domaine to provide integrated fraud prevention solutions for Shopify merchants, enhancing revenue protection and customer experience [1][2] - The partnership aims to address the increasing need for sophisticated fraud prevention as more merchants migrate to Shopify, combining SEON's real-time fraud detection with Domaine's implementation expertise [2][3] Company Overview - SEON specializes in real-time fraud prevention and AML compliance, utilizing over 900 real-time, first-party data signals to stop fraudulent transactions before they affect sales [6] - Domaine is recognized as a leading global Shopify design and development partner, supporting over 100 brands and focusing on platform migrations and enterprise commerce enablement [5] Industry Context - The collaboration reflects a shift in the eCommerce landscape where fraud prevention is becoming a critical component of commerce infrastructure, rather than an afterthought [3] - As brands navigate complex platform migrations, fraud prevention is identified as a top priority, necessitating a balance between security and customer experience [4]

Core Viewpoint - Shopify has experienced a significant decline in stock performance despite benefiting from the ongoing shift towards e-commerce, primarily due to valuation concerns as its stock price has outpaced its fundamentals [1]. Group 1: Stock Performance - Shares of Shopify are down approximately 15% year to date after a more than 50% gain last year, raising questions about whether the previous rebound was excessive [2]. Group 2: Business Growth - Shopify reported a 32% year-over-year revenue growth in Q3, supported by a corresponding growth in gross merchandise volume (GMV) [3]. - This growth rate represents an acceleration from the 31% revenue growth rate in Q2 and is significantly higher than the full year-over-year revenue growth rates of 21% in 2022 and 26% in 2023 [4]. - The company generated $507 million in free cash flow in Q3 with an 18% free cash flow margin, up from $422 million and a 16% margin in Q2 [5]. Group 3: AI Integration - Shopify is leveraging AI themes to enhance its business, with President Harley Finkelstein indicating that the company is entering a new era of "agentic commerce" where it is well-positioned to lead [6]. - The company has expanded its checkout experiences to popular AI platforms, including ChatGPT, Alphabet's AI Mode, and Microsoft's Copilot, which could support continued strong growth into 2026 [7].

Core Insights - Shopify Inc. has evolved over two decades into a highly respected platform within the e-commerce industry, showcasing significant growth and innovation [1] Group 1: Company Overview - Shopify is recognized as one of the most vaunted platforms in the e-commerce sector, indicating its strong market position and reputation [1] Group 2: Investment Strategy - The investment approach focuses on identifying attractive risk/reward opportunities that are supported by robust price action, aiming to generate alpha above the S&P 500 [1] - The strategy emphasizes avoiding overhyped and overvalued stocks while targeting beaten-down stocks with substantial recovery potential [1] - The investment group specializes in high-potential opportunities across various sectors, particularly in growth stocks with solid fundamentals and strong buying momentum [1]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and positioned to capitalize on the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9][10] Market Trends - The article discusses the broader trends of AI infrastructure supercycles, the onshoring boom, and a surge in U.S. LNG exports, indicating a favorable environment for the company's growth [14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI [12] Conclusion - The company is positioned as a unique investment opportunity within the AI and energy sectors, with potential for significant returns as the demand for AI-driven energy solutions grows [11][15]

Performance Summary - AeroVironment, Inc. (NASDAQ:AVAV) decreased by 19.45% due to a stop work order from the US government on the SCAR program [1] - DraftKings Inc. (NASDAQ:DKNG) fell by 14.4% after a judge allowed Massachusetts to block Kalshi from offering sports-related contracts [2] - Constellation Energy Corporation (NASDAQ:CEG) decreased by 10.38% with Wells Fargo analyst lowering the price forecast from $478 to $460 while maintaining an Overweight rating [3] - Applovin Corporation (NASDAQ:APP) fell by 14.68% following concerns raised in a CapitalWatch report [3] - Abbott Laboratories (NYSE:ABT) slumped by 12.23% after reporting worse-than-expected fourth-quarter sales and issuing first-quarter adjusted EPS guidance below estimates [4] - Flutter Entertainment plc (NYSE:FLUT) fell by 13.07% with multiple analysts lowering their price forecast [4] - Shopify Inc. (NASDAQ:SHOP) decreased by 13.51% [4] - Talen Energy Corporation (NASDAQ:TLN) slumped by 6.05% while Wells Fargo analyst raised the price forecast from $445 to $506, maintaining an Overweight rating [5]

Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

Core Insights - The article emphasizes that while many leading corporations are based in the United States, overlooking international growth stocks can lead to diminished long-term investment returns [1] Group 1 - The concentration of top corporations in the U.S. may create a perception that domestic investments are sufficient for growth [1] - Ignoring international markets can limit the potential for portfolio diversification and overall returns [1]

Core Insights - The global e-commerce landscape is rapidly evolving, with cross-border e-commerce significantly altering international trade dynamics, presenting both challenges and opportunities for businesses and consumers [1] Group 1: Policy Environment - The policy environment is a crucial external factor affecting cross-border e-commerce, with varying regulations across countries creating both challenges and opportunities for enterprises [3] - In Southeast Asia, particularly Vietnam, 63% of consumers prefer purchasing New Year goods through e-commerce platforms, highlighting the market's growth potential [4] - Amazon has upgraded compliance requirements, increasing the on-time delivery compliance rate to 95%, which raises expectations for supplier efficiency [5][6] Group 2: Market Trends - The U.S. has become the largest online market for Korean cosmetics, holding a 51% global share, indicating a significant opportunity for cross-border e-commerce businesses to enhance procurement and marketing strategies [7] - eBay UK has adjusted customer service channels, which may impact consumer communication with the platform, while also launching a climate transition plan aiming for net-zero emissions by 2045 [7] Group 3: Logistics Challenges - Logistics remains a critical aspect of cross-border e-commerce, with long distances and multiple stages leading to high costs and delays, particularly during special circumstances like the pandemic [15] - Companies are exploring new logistics models, such as overseas warehouses, to improve delivery times and customer satisfaction [15] Group 4: Technological Innovation - Technological advancements, including AI, big data, and blockchain, are transforming cross-border e-commerce operations, enhancing customer service and operational efficiency [17][19] - AI technologies are increasingly used for smart customer service and personalized shopping experiences, while big data helps businesses understand consumer needs and market trends [17][19]

Core Insights - Global-E Online and Shopify reported Q3 2025 earnings that indicate divergent strategies in cross-border e-commerce [1] Company Summaries Global-E Online - Global-E Online's Q3 2025 earnings reflect a strong focus on expanding its cross-border e-commerce capabilities [1] - The company is likely to leverage its technology to enhance international sales for its clients [1] Shopify - Shopify's Q3 2025 earnings suggest a different approach, possibly emphasizing domestic markets while still engaging in cross-border e-commerce [1] - The company may be prioritizing its platform enhancements to support merchants in navigating international sales [1]

Core Insights - GoodDay Software has raised an additional $7 million in funding, bringing its total capital raised to $13.5 million, with participation from both new and existing investors [1][7]. Company Overview - GoodDay Software is developing GoodDayOS™, an AI-native ERP alternative tailored for inventory-driven Shopify brands, contrasting with traditional ERP systems designed for manufacturers and accountants [2][8]. - The company aims to provide a unified system for managing inventory, purchase orders, landed costs, presales, and multi-channel operations, allowing brands to launch quickly and at a lower total cost of ownership compared to traditional ERP platforms [3][8]. Product Development - GoodDay has focused on creating a reliable system for inventory and operational data, with plans to introduce GoodAI Agentic Workflows and Agents in 2026, which will enhance operational efficiency by actively assisting operators [4][7]. - The new funding will facilitate the expansion of GoodDayOS™ into finance and accounting operations, as well as deeper integrations within the Shopify ecosystem [7]. Market Position - More than 40 Shopify brands, including notable names like Lola Blankets and Halfdays, are currently utilizing GoodDay's platform, indicating strong market adoption [5]. - The company is recognized for its innovative approach to inventory management, which is considered the most complex aspect of retail operations, setting it apart from other next-gen ERP solutions [8].