Shopify Was Supposed to Be an AI Casualty. Its AI-Referred Traffic Just Tripled.

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Shopify’s AI Surge: A Lesson for SA Tech Investors

Shopify’s AI-driven growth surprises, raising questions for South African tech exposure.

Shopify’s Q2 numbers show AI isn’t just a disruptor—it’s a growth engine. Their AI-referred traffic tripled, and buyers from AI channels convert at almost twice the rate of traditional ones. This is a rare example where AI doesn't cannibalize a company’s business but actually boosts it. For South African investors, Shopify’s story challenges the skeptical view many hold towards high-growth tech. Prosus and Naspers, which hold big stakes in global tech, might benefit indirectly if AI-driven adoption broadens on their platforms. But remember, Shopify trades on a sky-high 70x forward earnings multiple. If global interest rates rise or tech sentiment sours, these valuations could come under pressure. For local investors, the tech uplift may translate into a modest positive for Prosus, but it’s not a slam dunk. this is just our opinion and not financial advice