Agentic Commerce & AI - Agentic Commerce 将在 2026 年迎来爆发，预计数十亿 Agent 将参与其中，行业关注 Coinbase 和以太坊基金会等领先者，以及 Nethermind 等如何提供支持 [1] - Agent 信誉层是 Agentic Commerce 达到临界规模的关键，Ethos Network、Ch40sChain 和 Moca Network 等协议可能提供 Agent 信誉数据存储库，信誉最高的 Agent 可能会获得大部分经济活动 [1] - 机器人技术在过去 6 个月内改进速度惊人，预计将呈指数级增长，目前可以预订价格低于 2 万美元的机器人，Auki、peaq、Roba_Labs 等公司正在开拓，但总市值低于 4 亿美金，行业认为被低估 [1] - AI 驱动的收益产品，如 gaib_ai、USDai_Official 和 AethirCloud，鉴于对计算和 GPU 的巨大需求，具有增长潜力 [1] - 新兴的 AI First 公链，如 GoKiteAI、NEARProtocol、Fetch_ai、0G_labs 和 ICP，优先考虑 Agent 活动，并积极寻找合作伙伴以引入真实活动到其生态系统中 [1] DeFi & TradFi Integration - 资产管理和收益优化 Agent，如 gizatechxyz、almanak、yieldseekerxyz 和 ZyfAI_，使自动赚取 2 倍于传统金融的收益变得更容易，且无需高额费用和麻烦 [1] - 稳定币和 NeoBanks 正在迫使传统金融采用或被淘汰，Tria Legion 的销售，加密货币卡的活跃以及 Plasma 的愿景，甚至 Revolut、VISA 和 Mastercard 对加密货币和 Agent 的关注都表明了这一点 [1] - Tether 和 Circle 市值增长表明有更多美元进入链上，为 Agentic 基础设施的开发做好了准备，预计未来 Agent 的经济活动将超过人类，监测其与 M2 流动性一致性非常有用 [1] Privacy & Tokenization - 隐私币解决了区块链活动过于透明的问题，ZEC 价格上涨是该领域很好的营销案例，行业认为未来会出现更好的隐私币 [1] - RWA（包括股票）的代币化是不可避免的，尽管 ASX 和 LSE 等公司之前的尝试失败了，但区块链比当前系统更好 [1] Data & Prediction Markets - 信息金融仍然处于初级阶段，平台正在收集有价值的数据，KaitoAI 和 cookiedotfun 正在探索资本加权的思想份额、增强的分析和 Agent 群，以从时间线中解读信号 [2] - 预测市场有机会颠覆传统博彩市场，为零售提供突破性用例，Vooi 等聚合器使您能够通过单个 UI 耕种多个 Perp DEX，并得到 Yzilabs 的支持，后者曾提供 10 亿美元的赠款来孵化更多 BNB 上的 AI First 项目 [1]

For those looking for the missing piece of the puzzle, I talk about several projects in these DeAI roundupsOne of which fits this scope in the last roundup below. Can you guess which one?s4mmy (@S4mmyEth):The broader crypto market may be down, but attention is consolidating into "Agentic Commerce" + RoboticsAs public market reprice upwards [NVIDIA is the first co' to hit a $5T market cap!] it means private valuation benchmarks also re-rate upHere's a rundown since last week: https://t.co/sh27EPT2Ng ...

Summary of Shopify Inc 3Q25 Earnings Call Company Overview - **Company**: Shopify Inc (SHOP.O) - **Industry**: Software / E-commerce - **Market Cap**: $219.133 billion - **Price Target**: Increased from $165.00 to $192.00 Key Financial Metrics - **GMV (Gross Merchandise Volume)**: $92.0 billion, grew 32% YoY, exceeding consensus of $89.2 billion (+28%) [9] - **Total Revenue**: $2.844 billion, grew 31.5% YoY, above consensus of $2.758 billion (+27.5%) [9] - **Merchant Solutions Revenue**: $2.145 billion, +38% YoY, ahead of consensus of $2.060 billion (+33%) [9] - **Free Cash Flow (FCF)**: $507 million, in line with consensus [12] - **Operating Margin**: Implied Q4 operating margin of ~20%, consistent with consensus [12] Growth Drivers - **Diverse Growth Vectors**: - **Merchant Size**: Growth across all tiers, especially among merchants generating over $25 million in GMV [3] - **Merchant Cohorts**: 2025 cohort outperformed prior years [3] - **Geographical Expansion**: Europe GMV up 49% YoY (42% in constant currency), with half of total GMV growth from outside North America [3] - **Channel Growth**: Offline GMV grew 31% YoY, B2B GMV grew 98% YoY [9] Strategic Initiatives - **AI Integration**: Traffic to Shopify stores attributed to AI increased ~7x since January, with orders via AI search up ~11x [3] - **Agentic Commerce**: Shopify's strategy aligns with the shift towards agentic channels, enhancing merchant success [7] Financial Guidance and Revisions - **Revenue Guidance for Q4**: Expected to grow in the "mid-to-high 20s" YoY, ahead of consensus [12] - **GMV Estimates**: Raised by 2.5%/3.5%/4.7% for FY25/FY26/FY27, supporting revenue revisions of 1.8%/2.4%/3.3% [8] - **FCF Margin Guidance**: Q4 FCF margin expected to be slightly above Q3, implying 18-20% [12] Risks and Concerns - **Free Cash Flow Margin**: Q3 FCF margin of 17.8% was below consensus of 18.4% [12] - **Monthly Recurring Revenue (MRR)**: MRR of $193 million, +10% YoY, missed consensus of $194 million [12] - **Gross Margins**: Q3 gross margins of 48.9% were below consensus of 49.4% due to increased costs [12] - **Payments Loss Rates**: Transaction and loan losses represented 5% of revenue, above normal trendlines [12] Conclusion - Shopify continues to demonstrate strong growth across various metrics, with a solid outlook for future revenue and GMV growth. The company is well-positioned to capitalize on e-commerce trends and innovations, despite some concerns regarding margins and cash flow. The increased price target reflects confidence in Shopify's long-term growth trajectory and market positioning [8][22].

Financial Data and Key Metrics Changes - In Q3 2025, non-GAAP net income reached $10.6 million, reflecting a 41% year-over-year growth [22][20] - Non-GAAP subscription gross margins exceeded 80% for the first time, with a non-GAAP operating margin of 16%, an improvement of 230 basis points year over year [20][22] - Total gross margin, including services, reached 77.5%, an expansion of 270 basis points year over year [21] Business Line Data and Key Metrics Changes - Subscription revenue increased to $58.4 million, up 8% in U.S. dollars and 7% in FX neutral compared to Q3 2024 [20] - B2B commerce is emerging as a significant growth driver, with new U.S. deals showing a roughly equal split between B2C and B2B [5][34] - Retail media is highlighted as a key growth revenue stream, with successful campaigns validating the potential of this segment [5][8] Market Data and Key Metrics Changes - GMV reached $5.0 billion, up 13% in U.S. dollars and 12% FX neutral [20] - Brazil's performance was in line with expectations, showing a modest deceleration of a couple of percentage points quarter over quarter [20][47] - Argentina faced additional challenges, with performance worse than expected due to weak consumer sentiment [20] Company Strategy and Development Direction - The company is focusing on four growth pillars: global expansions, B2B use case customers, retail media, and agentic commerce [3][5] - There is a strong emphasis on AI-driven transformation, with investments aimed at building an AI-native platform to enhance operational efficiency and customer experience [9][39] - The company aims to deepen its focus on scaling in the U.S. and Europe, expanding B2B and retail media products, and accelerating AI transformation [25][34] Management's Comments on Operating Environment and Future Outlook - The management noted that while the macro environment in Latin America remains challenging, the company is confident in its long-term growth potential [24][34] - There is an expectation of continued headwinds in Argentina, with a cautious outlook for the rest of the year [36] - The company anticipates FX neutral year-over-year subscription revenue growth of 5%-10% for Q4 2025, with a target of $65.8-$68.8 million [25] Other Important Information - The company ended the quarter with approximately $200 million in cash, representing about 25% of its market capitalization [23] - Free cash flow for the quarter was $7.5 million, reaching a free cash flow margin of 13% [22] - The company repurchased almost $100 million of shares across four programs, with 4.5 million shares repurchased in Q3 at an average price of $4.14 per share [23][24] Q&A Session Summary Question: Sequential increase in R&D expenditures and employee decline - Management confirmed that R&D investments are increasing as they see it as pivotal for the company's future, while the decline in employees is due to AI productivity gains [28][29] Question: Churn trends in the LATAM market - Churn remains stable, with longer sales cycles observed but no significant loss of deals to competitors [31][32] Question: Outlook for Argentina post-elections - Argentina remains a tough market with high interest rates and limited credit availability impacting consumption [36] Question: AI investments and monetization - AI is viewed as a transformative force rather than just a monetization tool, with a focus on enhancing operational efficiency and customer relationships [38][39] Question: Free cash flow expectations and working capital optimization - The company expects free cash flow margins in the high teens, with ongoing efforts to optimize working capital despite market volatility [42][46] Question: Update on U.S. operations and impact of marketplaces - U.S. operations are on track, with strong traction in B2B deals, while marketplaces are seen as complementary rather than a threat [49][53]

Core Insights - BigCommerce has been recognized as a Challenger in the 2025 Gartner Magic Quadrant for Digital Commerce Platforms for the sixth consecutive year, indicating its strong position in the market [1][2] Company Overview - Commerce (Nasdaq: CMRC) is the parent company of BigCommerce and provides an open, AI-driven commerce ecosystem designed to empower businesses to innovate and grow [4] - BigCommerce is a flexible enterprise ecommerce platform that supports brands, retailers, manufacturers, and merchants of all sizes, allowing them to scale and adapt without being locked into rigid systems [5] Market Position - The Gartner report evaluated 19 digital commerce platform vendors based on their ability to execute and completeness of vision, which helps application leaders make informed decisions [2] - Gartner defines digital commerce as technology that enables customers to purchase goods and services through interactive experiences, providing necessary information for buying decisions [2] Strategic Focus - BigCommerce's strategy includes investments in agentic commerce, enhancing B2B and B2C capabilities, and deeper integrations with partners to improve digital operations for brands and retailers globally [2]

Financial Data and Key Metrics Changes - Revenue grew 46% year-over-year to $639.7 million, driven by both new and existing brands [5][15] - Net revenue retention (NRR) reached an all-time high of 122% [5][15] - Adjusted EBITDA increased 88% to $41.1 million, reflecting a 6.4% margin, up from 5% a year ago [5][15] Business Line Data and Key Metrics Changes - Total revenue not attributable to Amazon grew 81% year-over-year, reaching $47.1 million [6][15] - Revenue outside Amazon represented 7.4% of total revenue in Q3 2025, up from 5.9% in Q3 2024 [6] - International revenue grew 72% year-over-year to $52.9 million, representing 8.3% of total revenue, up from 7.0% a year ago [6][17] Market Data and Key Metrics Changes - Coupang revenue grew more than 150 times from the prior quarter, contributing $4.5 million in Q3 [11][15] - Walmart grew 96% and TikTok Shop grew 392% off a small base [15][65] - Europe grew 73%, APAC grew 68%, and MENA grew 222% [44] Company Strategy and Development Direction - The company focuses on investing in its intelligence layer and expanding channels and markets [10][11] - Aims to reduce brand friction through integrated technology and scalable logistics [12] - Plans to drive scale and efficiency as a strategic moat for brand partners [12][13] Management's Comments on Operating Environment and Future Outlook - Management has not seen material effects on business or decreased consumer demand despite macroeconomic challenges [23] - For Q4, the company expects revenue in the range of $680-$700 million, representing 32%-36% growth year-over-year [24] - Full-year 2025 revenue growth is anticipated at 37%, coupled with 48% adjusted EBITDA growth [25] Other Important Information - The company raised $135 million net of fees in its September IPO and had $313 million in cash and cash equivalents with zero debt as of quarter end [21][22] - GAAP net loss was $59 million, which includes IPO-related charges [19] Q&A Session Summary Question: Views on Agentic Commerce and its impact - Management believes the shift towards agentic shopping is significant, with a growing number of consumers using AI tools for product research [30][31] Question: Revenue growth from existing and new brands - Existing brand revenue growth was strong, with record NRR of 122%, driven by traffic and conversion improvements [32][39] Question: International capabilities and investments - International growth is a strong moat, with significant growth in Europe, APAC, and MENA, and investments are focused on technology and logistics [43][44] Question: Guidance for Q4 revenue and new brand contributions - Q4 guidance reflects strong growth expectations, with a focus on long-term trends rather than quarterly fluctuations [46][47] Question: Product roadmap and logistics role - The company is focused on developing its intelligence layer and improving logistics efficiency to reduce costs for brands [53][55] Question: Density in verticals and its economic impact - Increasing density in verticals enhances data advantages, improving conversion rates and overall performance for brands [61] Question: Growth from revenue outside Amazon - Revenue from non-Amazon marketplaces was up 81% year-over-year, with significant contributions from new marketplaces like Coupang [64]

Core Insights - Pinterest is focusing on leveraging open-source AI models to reduce costs while expanding its visual AI capabilities [1][5][6] - The company is facing challenges with a predicted weaker holiday shopping season, impacting its fourth-quarter revenue expectations [4] - Pinterest is exploring agentic commerce and enhancing user experience through AI-driven features like Pinterest Assistant [3][10][11] Financial Performance - Pinterest's fourth-quarter revenue is projected to be between $1.31 billion and $1.34 billion, below analysts' expectations of $1.34 billion [4] - The stock price dropped by over 21% following the earnings announcement due to these revenue concerns [4] AI and Technology Utilization - CEO Bill Ready emphasized the effectiveness of open-source models, which have shown significant cost reductions while maintaining comparable performance to proprietary models [6] - The company is actively testing and implementing open-source AI models for various use cases, aiming for cost efficiency [5][6] User Experience and Features - Pinterest is enhancing its shopping experience with AI, including features like "push-button type buying" through partnerships [10] - The introduction of Pinterest Assistant aims to provide personalized recommendations and guidance based on user preferences [11][12]

Core Insights - Rezolve Ai has announced a significant acceleration in its commercial rollout across the U.S. and Europe, supported by an oversubscribed $200 million funding round [1] Company Developments - Elizabeth Lachhar, a former Microsoft executive with experience managing a multi-billion-dollar sales P&L, has been appointed as Senior Vice President of U.S. Sales to lead the company's expansion [2][8] - By the end of Q2 2026, Rezolve aims to establish a salesforce of approximately 40 professionals in the U.S. and an additional 20-30 in Europe, positioning itself as one of the largest dedicated salesforces for Agentic Commerce globally [3] Strategic Focus - The company is focusing on executing its strategy at scale, with a belief that Agentic Commerce is currently transforming the market [4] - The expanded sales and marketing investment will prioritize the deployment of the Brain Commerce platform, which includes features like Conversational Commerce, Visual Search, and Brain Checkout, aimed at enhancing AI-driven personalization and autonomous buying journeys [4] Technology and Market Position - Rezolve Ai is recognized as a leader in AI-powered solutions, specifically in enhancing customer engagement and operational efficiency [5] - The Brain Suite is highlighted as the world's first enterprise AI platform designed for Agentic Commerce, providing advanced tools for search, transaction, fulfillment, and personalization on a global scale [5]

Financial Data and Key Metrics Changes - Q3 2025 revenue reached $1.049 billion, growing 17% year-over-year, with a 16% increase on a constant currency basis [31][32] - Adjusted EBITDA for Q3 was $306 million, representing a margin of 29%, with a 170 basis point expansion year-over-year [34][35] - Free cash flow for Q3 was $318 million, indicating a strong cash-generative nature of the business [35] Business Line Data and Key Metrics Changes - Monthly active users (MAUs) reached 600 million, marking a 12% growth year-over-year, with significant strength in Gen Z users [5][30] - Revenue from the US and Canada was $786 million, growing 9%, while Europe saw revenue of $193 million, growing 41% [31] - Revenue from the rest of the world was $70 million, growing 66% year-over-year [31] Market Data and Key Metrics Changes - The US and Canada region had 103 million MAUs, growing 4%, while Europe had 150 million MAUs, growing 8% [30] - The rest of the world markets had 347 million MAUs, growing 16% [30] - Ad impressions grew 54% year-over-year, while ad pricing declined 24% due to a shift towards lower-priced international markets [32][33] Company Strategy and Development Direction - The company is transforming into an AI-powered visual-first shopping assistant, enhancing user engagement and advertiser partnerships [4][9] - There is a focus on expanding monetization in international markets, which currently represent only 25% of global revenue despite having 83% of global users [24][28] - The introduction of Pinterest Assistant aims to enhance user experience through voice-activated searches and personalized recommendations [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid- to high-teens revenue growth targets over the medium and long term, despite challenges in the UCAN region [52][55] - The company is optimistic about the potential of AI-driven optimization and the adoption of Performance Plus campaigns among smaller and mid-market advertisers [60][62] - Management noted that the digital ad environment remains challenging, particularly for larger retailers navigating tariff-related margin pressures [59] Other Important Information - The company allocated $199 million towards share repurchases and $115 million for net share settlement of equity awards to mitigate dilution [36] - The Q4 revenue guidance is projected to be between $1,313 million and $1,338 million, representing a 14%-16% growth year-over-year [36][37] Q&A Session Summary Question: Future of e-commerce and Pinterest's strategy - Management highlighted the proactive nature of Pinterest's AI, which anticipates user preferences without explicit prompts, enhancing user engagement and shopping experiences [45][48] Question: Impact of tariffs on ad spend - Management confirmed that while there was a pullback in ad spend from some US retailers, there was a partial recovery in spending from Asia-based e-commerce players [51][52] Question: Digital ad environment and UCAN performance - Management noted consistent revenue growth despite challenges in the UCAN region, emphasizing the importance of AI-driven platforms for future optimization [59][60] Question: AI-generated content strategy - Management clarified that while they embrace AI-generated content, they prioritize content quality and user choice, allowing users to filter AI content [66][70] Question: Relationship with Magnite and new demand sources - Management stated that first-party ad demand remains the primary growth driver, with ongoing efforts to integrate third-party demand sources [73][74] Question: SMB and mid-market opportunities - Management expressed confidence in the Performance Plus campaigns, noting higher conversion rates and revenue growth among smaller and mid-market advertisers [78][79]

Financial Data and Key Metrics Changes - In Q3 2025, Pinterest reported revenue of $1.049 billion, representing a 17% year-over-year growth [6][30] - Adjusted EBITDA for Q3 was $306 million, with a margin of 29%, reflecting a 170 basis point expansion compared to the previous year [33] - Free cash flow for Q3 was $318 million, indicating a strong cash-generative nature of the business [33] Business Line Data and Key Metrics Changes - Outbound clicks to advertisers increased by 40% year-over-year in Q3, demonstrating enhanced engagement with advertisers [8] - The number of unique shopping SKUs with paid ad impressions grew over 100% year-over-year, driven by the adoption of ROAS bidding [23][52] - Pinterest Performance Plus campaigns have shown a 24% higher conversion lift compared to traditional campaigns, particularly benefiting smaller and mid-market advertisers [63] Market Data and Key Metrics Changes - Monthly active users (MAUs) reached 600 million, growing 12% year-over-year, with significant growth in the U.S. and Canada, Europe, and the rest of the world [5][29] - Revenue from the U.S. and Canada was $786 million, growing 9%, while Europe saw a 41% increase to $193 million, and the rest of the world grew 66% to $70 million [30] - International markets represented 25% of global revenue, indicating significant growth potential in these regions [25] Company Strategy and Development Direction - Pinterest is transforming into an AI-powered visual-first shopping assistant, enhancing user engagement and advertiser partnerships [4][10] - The company is focusing on expanding its share of wallet with mid-market and smaller advertisers while also increasing monetization in international markets [9][28] - New features like Pinterest Assistant and multimodal search are being developed to enhance user experience and drive engagement [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid- to high-teens revenue growth targets over the medium to long term, despite some ad spend moderation in the U.S. [46][49] - The company is optimistic about the potential of AI-driven optimization and the ongoing rollout of Performance Plus solutions [52][53] - Management noted that the digital ad environment remains challenging, particularly for larger retailers, but sees opportunities in emerging verticals and smaller advertisers [49][51] Other Important Information - Pinterest's international monetization is still in early stages, with significant room for growth as the company scales proven strategies from the U.S. [25][28] - The company is actively investing in AI and product innovation to enhance user experience and drive advertiser performance [33][36] Q&A Session All Questions and Answers Question: Future of e-commerce and Pinterest's strategy - Management highlighted Pinterest's proactive AI-driven approach, which anticipates user preferences and enhances engagement, positioning the platform uniquely in the e-commerce landscape [39][40] Question: Digital ad environment and UCAN performance - Management noted that despite a challenging ad environment, Pinterest achieved 17% revenue growth, driven by strong performance in emerging verticals and smaller advertisers [49][50] Question: Relationship with Magnite and new demand sources - Management clarified that first-party ad demand remains the primary growth driver, with ongoing efforts to integrate third-party demand sources [60][61] Question: SMB and mid-market opportunity - Management emphasized the significant potential in the SMB and mid-market segments, with Performance Plus campaigns driving higher conversion rates and revenue growth [63]