Shopify Inc. (SHOP): A Bull Case Theory

We came across a bullish thesis on Shopify Inc.  Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on SHOP. Shopify Inc. ‘s share was trading at $114.77 as of July 2^nd. SHOP’s trailing and forward P/E were 93.31 and 78.12 respectively according to Yahoo Finance.

Shopify is redefining the e-commerce landscape by equipping businesses—ranging from brick-and-mortar stores to start-ups and emerging brands—with the digital infrastructure needed to compete against legacy giants like Amazon, Lululemon, and Zara. In the latest quarter, Shopify delivered another strong performance, proving that Amazon no longer holds a monopoly on e-commerce innovation.

As artificial intelligence democratizes industries, Shopify plays a critical role by providing affordable, scalable digital tools that allow brands to digitize operations and reach global customers without the heavy overhead of traditional platforms. The company’s partnerships with Klaviyo, Meta, and AppLovin further enhance its ecosystem, enabling smaller businesses to leverage best-in-class marketing and analytics capabilities.

Beyond its core online operations, Shopify is successfully expanding into offline retail, as evidenced by robust growth in offline gross merchandise volume (GMV) and a triple-digit increase in its B2B segment. Notably, the stand-alone Shopify app recorded a 94% year-on-year GMV growth, positioning it as a serious competitor to Amazon’s consumer app.

This growth is underpinned by Shopify’s disciplined execution and strategic embrace of AI, which is deeply integrated across its operations. The company is also investing heavily in its model context protocol servers, making its vast data resources more accessible and accelerating product innovation.

In this evolving landscape, legacy retailers are increasingly disadvantaged, as Shopify’s unified software platform and AI-first approach drive faster innovation and greater business momentum. Overall, Shopify represents a powerful enabler of digital commerce, positioning itself as a central player in the next phase of e-commerce evolution.

Previously we covered a bullish thesis on Shopify Inc. (SHOP) by Investing Intel in May 2025, which highlighted strong revenue growth, merchant traction, and product innovation despite short-term GMV softness. The company’s stock price has appreciated approximately by 13% since our coverage. This is because AI-led growth momentum played out. Stock Analysis Compilation shares a similar thesis but emphasizes Shopify’s expanding AI-driven ecosystem.

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Disclosure: None. This article was originally published at Insider Monkey.