Joshua Kushner’s Thrive Capital bought roughly $100M in Shopify shares, framing the move as a bet on how AI will drive gains in e-commerce, after Shopify’s stock fell nearly 40% so far this year. Thrive is also an investor in companies that have partnered with Shopify on AI shopping tools including Stripe and OpenAI, and has previously made bets on other public companies including Figma, Carvana, and StubHub. The investment comes after Shopify projected slowing revenue growth in the current quarter and said AI costs had offset some efficiency gains in its software business, and after OpenAI pulled the plug earlier this year on an in-chat checkout feature it had worked with Shopify to launch.
