Shopify Stock (NYSE:SHOP)
E-commerce giant, Shopify (NYSE:SHOP) experienced strong gains after unveiling its latest innovation—a video showcasing the launch of an AI-powered chatbot assistant designed to assist merchants with their queries. The newly introduced tool, named Sidekick, boasts advanced capabilities to carry out tasks for merchants and offer detailed insights regarding their business, encompassing sales figures and order trends within their stores. Shopify’s CEO, Tobias Lütke, confirmed that the AI feature will be available in the near future.
Commenting on this significant development, JMP analyst Andrew Boone emphasized that the new Shopify tool has the potential to further reduce barriers to entry for aspiring entrepreneurs. Furthermore, it promises enhanced analytics and streamlined website building for Shopify’s ever-growing customer base.
During early afternoon trading, Shopify stock (NYSE:SHOP) witnessed an impressive surge of 5.80%, reaching a new 52-week high of $70.33 per share. The trading volume for the e-commerce platform exceeded 15.8 million shares by 1:00 p.m. It is worth noting that short interest in Shopify’s stock stands at a modest 3.01% of the total float, reflecting a relatively low level of bearish sentiment surrounding the company.
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Author Faith Yakubu 
