Shopify Inc. (SHOP.TO)

CEO is very focused and hands-on AI. In the future, a lot more commerce will be agentic. Revenue model will shift increasingly to subscription-based. One of the names in the space he likes. Founder led, and the guy knows AI.

Good products and growth. The numbers they reported last week were fine, but future growth is moderating, which the markets doesn't like, consider its high PE. 

Gets painted as sort of a software company, and those are out of favour. Price action is very difficult, and often feels like trying to catch a knife. His price target is ~$205. There are so many other clear opportunities out there than trying to wing it with this one.

Quite volatile. On her watchlist. One of the strongest platforms in the e-commerce space. Total value of goods sold expected to grow 32%. AI already helping merchants attract customers.

Be patient for a favourable entry point to get in.

At its core, it's the software between drop-shippers in China and influencers/users. So it's in the layer that's more at risk over time. If it were cheaper, he'd be more interested.

MSFT is the better pick today.

People think large-language models will eat its lunch, make the e-commerce platform questionable. Many analysts have brought down 12-month price targets. Volatility gives you a chance to earn income by selling puts and calls. 

He loves their business, which has few competitors, but the problem is always their high valuation, even after the current pullback. They have low free cash flow. Too risky. You're playing momentum either way.

Winning the global commerce infrastructure war. Valuation is always the hurdle for investors. Has a real moat and real fundamentals. CEO has an AI-first approach, which helps to expand margins. No dividend.

(Analysts’ price target is $157.00)

Really well managed. Can they anchor themselves in an agentic-commerce world? Making every attempt to do so. But will they succeed? Too soon to know. Market-darling, cult-like stocks facing existential questions usually have valuations compress more. Probably more downside risk.

Tech is struggling and SHOP trades at a high PE. Would be interesting in the $80s. He sees more downside from here.

Dropped below 200-day MA -- have to watch that. Always pricier than many names, and so he's never owned. Trailing PE is 133x, forward PE is 69x. Caters to small and medium businesses, which are more quickly affected by changes in the economy.

High beta (almost 2x that of the TSX) and volatile profile make it a trading stock.

One of the highest-growth, highest-quality businesses in Canada. Pretty attractive entry point. Expensive. Volatile, so expect 20% drawdown short-term. New products, cross-selling, up-selling. Leading edge of integrating AI.

A name to look at in the beaten-up software space.

He has traded it before. It makes big swings, including now. It's going down and could take out its low of around $135.

Trouble is that it's always pricey, but finally at a level that's not so expensive. Models 46% EPS growth, trading ~46x PE for 2028. Beat last week and raised the outlook. 

Commerce tailwinds, but so many fears on AI. Market's treating all these businesses as though they're all going away. He thinks AI helps enable its business. Buying back stock, and that's what the smart folks do.