Quick Thoughts on Muse Partnership

Shopify's CEO announced a partnership with Muse, Meta's new personal AI agent, enabling consumers to discover products from Shopify merchants and complete purchases through Shop Pay within the Muse experience. The partnership is not particularly surprising given the companies' existing relationship across Facebook and Instagram. We view the announcement as strategically important because it provides another proof point that leading AI platforms are integrating with Shopify's commerce infrastructure. Muse can search Shopify Catalog for relevant products, with Shop Pay supporting the transaction through checkout. We believe the partnership helps refute the recent bear thesis that AI agents and personal shoppers could disintermediate Shopify and its large payments business;