Shopify's Q1 2026 printed stunning revenue milestones, but the stock cratered 15% as Wall Street penalized the tech giant for inheriting traditional banking risks.

In ~10 minutes:

• Why Shopify Capital's $116M in credit losses terrified Wall Street

• The truth behind a massive $581M paper net loss

• How AI bots are now writing over 50% of Shopify’s code

• Stripe and Amazon quietly adopting the new Universal Commerce Protocol 🤖

Despite clearing $100 billion in gross merchandise volume for the second straight quarter and growing revenue 34%, Shopify was punished for a P/E multiple that demands absolute perfection. We unpack how the company is offsetting an increasingly risky $2 billion loan book by drastically cutting engineering costs and owning the hidden checkout rails of the internet's AI era.

Shopify Inc. (SHOP) | Q1 FY2026

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