Shopify Stock Jumps on Meta Partnership, Amazon Blocks AI Agents

Shopify's stock price soared on Monday after CEO Tobi Lutke announced a partnership between the Canadian e-commerce company and Meta, allowing Meta's newly launched Muse AI agents to handle checkouts on Shopify.

The move marked a different approach from Amazon, which blocked the agents from shopping on its site. Lutke noted that the partnership offers shoppers 'an easy and delightful way to shop and checkout with Muse.'

The partnership comes as AI is already driving growth for Shopify, with its gross merchandise volume hitting $115.6 billion in the second quarter, up 32% from last year.

Analysts remain bullish on Shopify's shares, with a Strong Buy consensus rating and an average price target of $172.01, implying about 25% upside ahead.