Shopify 表现强劲，得益于持续的收入增长、庞大的可触达市场份额，以及在 AI 商业合作中的领先地位。
逐段跳播
我稍后会谈到其中一家公司，就是Shopify。你们可能知道，Shopify是一个软件和支付平台。它让独立商家能够经营自己的网店。它是支撑超过一百万家网店的基础设施，甚至包括Tesla、LVMH和Nestle这样非常大的品牌。
I will talk about one of those companies shortly, which is Shopify. You are probably aware that Shopify is a software and payment platform. It allows independent traders to run their own online stores .
It is the infrastructure that supports more than one million online stores. Even very large brands like Tesla , LVMH, and Nestle.
它始于20多年前，当时联合创始人Toby Lotke找不到适合一家滑板店的好用电商软件，于是自己开发了一套。之后他转而开始销售这套软件。如今，Shopify通过两种方式赚钱。一是不同类别的订阅费，从面向家庭店铺的小卖家套餐一直到大型企业的价格。
所以，就是订阅费和商家解决方案。想想Shopify payments这类东西。他们从每笔交易中抽取一部分，就像卡组织的交换费一样。他们有自己的支付系统Shop Pay，还有Shopify Capital借贷和配送服务，当然，随着商家数量增加，交易量也会增加，而其中越来越大的部分会随着时间推移转化为公司利润率更高的支付收入。
It started more than 20 years ago when co-founder Toby Lotke couldn't find good e-commerce software for a skateboard shop, so he built his own. He then turned to selling that software.
Today, Shopify makes money in two ways. There are subscription fees across different categories, ranging from the small seller plan for family shops to the prices of large corporations.
So, it's the subscription fees and merchant solutions. So, think about things like Shopify payments. They receive a portion of each transaction, just like card network interchange fees.
They have their own payment system, Shop Pay, and Shopify Capital lending and shipping services, and of course, as the number of merchants increases, the volume of transactions increases, and an increasing portion of that volume is converted into higher-margin payments for the company over time.
现在，Meta和Shopify刚刚宣布了一项合作，将允许Muse浏览通过Shopify运营的店铺，并通过Shop Pay完成购买。在这一消息之后，我们看到Shopify股价小幅上涨。
Now, Meta and Shopify have just announced a partnership that will allow Muse to browse stores that operate through Shopify and complete purchases through Shop Pay. We have seen a slight increase in Shopify shares following this news.
这也正值Amazon因未经授权的访问而禁止Muse在其网站上购物之际。所以，两家最大的电商基础设施公司在同一周里，就同一款产品押注了相反的方向。
This also comes at a time when Amazon has banned Muse from shopping on its site due to unauthorized access . So, we have two of the biggest e-commerce infrastructure companies betting on opposites for the same product in the same week .
这又一次回到了我们在今天节目开头谈到的一些安全担忧。这就是Shopify与Meta达成的协议，允许Muse浏览其店铺并代表用户做出决定。这对Shopify来说并不新鲜。如你所知，Shopify实际上是OpenAI去年的首个智能商务集成合作伙伴。
美国符合条件的商家已被默认列入，可在ChatGPT内被发现。
Once again, this goes back to some of the security concerns we talked about at the beginning of today's episode. This is the deal that Shopify made with Meta to allow Muse to browse its stores and make decisions on behalf of users.
This is nothing new for Shopify. As you know, Shopify was actually OpenAI’s first smart commerce integration partner last year. Qualified traders in the United States have been listed by default to become discoverable within ChatGPT.
Shopify和Alphabet共同开发了所谓的通用商务协议（UIP）。这是一个开放标准，允许任何AI代理与商家对接，而无需定制集成。事实上，Shopify已经推出了自己的智能代理店铺功能。所以，这家公司正大力迈向人工智能和智能购物。
Shopify and Alphabet have jointly developed what is known as the Universal Commerce Protocol (UIP). This is an open standard that allows any AI agent to handle merchants without the need for custom integration.
In fact, Shopify has launched its own feature for smart agent-based storefronts. So, the company is moving strongly towards artificial intelligence and smart shopping.
这家公司继续以稳定的两位数速度增长，上一季度收入达到36亿美元。这代表着同比增长34%。商品销售总额（GMV）为1160亿美元。这是商品销售总额增长连续第五个季度超过30%。自由现金流约为6.54亿美元。因此，这仍然是一家经营得非常好的公司。
This company continues to grow at a steady double-digit rate, with revenues reaching $3.6 billion in the last quarter. This represents a 34% year-on-year increase. The total value of goods sold (GMV) was $116 billion.
This was the fifth consecutive quarter in which the growth in total merchandise value exceeded 30%. Free cash flow amounted to approximately $654 million. Therefore, this is still a very well-run company .
撇开AI代理不谈，我过去曾对它们将在购物未来中发挥多大作用表达过保留意见。全球电商市场到2026年仍预计价值约7万亿美元。Shopify在其中的份额仍然很小。因此，仅这一点本身就意味着未来几年存在真实的增长机会。
AI agents aside, I have expressed reservations in the past about the extent to which they will play a role in the future of shopping. The global e-commerce market is still estimated to be worth around $7 trillion by 2026.
Shopify's share of that is still small. Therefore , there is a real growth opportunity for several years to come in itself.
但我想说，如果你在关注人工智能和智能购物的趋势，Shopify无疑是始终走在前列、在这一领域建立了广泛合作关系的公司之一。
But I would say if you're following trends in artificial intelligence and smart shopping, Shopify is certainly one of the companies that has been at the forefront of establishing a wide range of partnerships in this field.
是的，是的，Rachel，我非常喜欢这家公司，而且我认为看到两个大玩家，其中一个是像Amazon这样的巨头，在这个AI代理故事中布局，是令人兴奋的。
Yes , yes, Rachel, I really like this company , and I think it's exciting to see two big players, one of them a giant like Amazon, taking positions in this proxy AI story.
有这样一个开源平台，它展示了代理式AI将如何走向采购流程。所以，市场已经在期待这样的事情，然而其中一个巨头却说：“不，先等等。”Shopify是一家我喜欢的公司。我不是股东，但我相信他们的CEO是一个始终紧跟技术、并努力在这一领域创新的人。所以，我非常喜欢这里的这一举动。
There is this open-source platform that illustrates how proxy AI will move towards procurement processes. So, the market is already expecting something like this, yet one of the big players says: "No, hold off a bit."
Shopify is a company I like. I am not a shareholder, but I believe that their CEO is someone who is always up-to-date with technology and strives to innovate in this field. So, I really like this move here.
显然，我们在这个频道里经常谈论AMD，但在我看来，Shopify是这个智能代理驱动的经济阶段中一个全新而独特的补充。
Obviously, we talk about AMD a lot in this channel, but in my opinion, Shopify is a new and distinctive addition here in this smart agent-driven economic phase.
这个频道对 $SHOP 的历次判断
The Motley Fool 在这只股票上只有这一条判断。