Core Viewpoint - Shopify's shares declined despite a $2 billion stock buyback program and better-than-expected growth, as earnings missed expectations [1] Group 1: Financial Performance - Shopify's Gross Merchandise Volume (GMV) increased by 29% to $378 billion, while revenue rose by 30% to $11.5 billion [3] - The company achieved free cash flow exceeding $2 billion, indicating strong financial discipline [5] - Shopify now powers over 14% of the entire US e-commerce market and is experiencing faster growth globally [4] Group 2: AI Integration and Future Strategy - Shopify is positioning itself for the AI commerce era by developing infrastructure, including a universal commerce protocol co-developed with Google [5][6] - AI-driven searches have increased nearly 15 times, indicating a growing interest in AI shopping among merchants [5] - The company has created a Gentic storefront that allows merchants to easily participate in AI shopping, syndicating billions of products across major AI platforms [7][8]