Shopify (SHOP) closed at $179.22 on Monday, a record close by only 21 cents above its prior high of $179.01 set on Oct. 29, 2025, after climbing about 18% over six trading days. The rally came without new financial results, as shares were lifted by positive Wall Street comments on AI shopping agents; AI-driven orders to Shopify stores in the second quarter tripled from a year earlier, though management said agentic commerce remains small relative to gross merchandise volume. Revenue for the 12 months through June reached about $13.3 billion, up roughly a third, and second-quarter operating income rose 68% to $488 million. The author argues that despite strong growth, the stock is still too expensive at about 98 times trailing free cash flow, with a market cap near $230 billion.
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