00:20:00 · John Coogan
[00:20:00] S1: And points to the remote button, which is gonna be bigger than the post button, sin. The... I I had to set up x again, and the Nikita fication of the app is remarkable. Like, if you don't enable notifications, it it has this, like, this... The slider bar that's, notifications on or off. And if you say, no. I don't want notifications. It slides into a state that looks like it's broken and looks like you have an error in the app. Like, it's it's genius to get you to, like, be like, oh, I gotta correct this. It really... There's so many different patterns to get the the the the retention up for sure. They're they're they're working on it. Anyway, let me tell you about Codex. Codex is a powerful workplace. We're work down with AI agents. Whether you're writing code, analyzing data, creating content, or automating business workflows, Codex helps you move projects forward from start to finish. We have a we have a great show lineup. We have Harley from Shopify joining to share Shopify's q three results in just two minutes. Then Bridgit Mendler from Northwood Space is coming on 11:45, and then Dylan Patel and the SemiAnalysis crew are coming on 11:55 to break down GDPval. There was a there was a viral picture of a cat that was born with a mullet. It was unfortunately AI generated, but Brutal. I think with with AI is both the problem and the solution here. Because AI is the problem that generated the cat with the mullet, but with advanced breakthroughs in biotechnology driven by advanced AI models, it might be possible to breed a real cat like this in real life.
00:21:36 · Jordi Hays, John Coogan
[00:21:36] S0: Yeah. A lot of biologists are gonna be looking at this. Yeah. And saying, actually, I was focused on, you know, extending human lifespan, but I'm actually shifting focus to, you know, developing the mullet cat. [00:21:50] S1: I could see a new startup. You know, we have that Palmer Luckey, you know, warhound for the for the for the dog, for the war fighter. [00:22:00] S0: Yeah. [00:22:00] S1: Mullet cap. New startup. Send it to a billion. For sure. [00:22:08] S0: Peter Rahal Yes. Is back with a new brand called The Grody. It's a absolutely fantastic name. He's coming after Doritos. Yeah. It's his holding companies. Andreess shares, it's his holding company, Medici's first savory EPG snack and it's pretty addictive. Their tangy ranch is the closest thing to reverse engineering Doritos Cool Ranch. It's gonna be interesting to see how Frito Lay reacts. Really, really good execution on this. You can just tell already that it's gonna be a hit. I mean, this is, you know, the the Doritos Cool Ranch was literally created in a lab to be [00:22:52] S1: the most [00:22:54] S0: most addictive product snack in the world. And I'm I'm almost certain that that Peter would have replicated it pretty perfectly. Yeah. You are you are you you're are a Doritos guy. This is this is things that, you know, something that people don't really know about you. But you you you clearly will be in a situation where, like, the only food available is Doritos and you're like twist my arm. Twist my arm. You'll grab like three bags and then you'll just I grab
00:22:54 · Jordi Hays, John Coogan
[00:22:54] S0: most addictive product snack in the world. And I'm I'm almost certain that that Peter would have replicated it pretty perfectly. Yeah. You are you are you you're are a Doritos guy. This is this is things that, you know, something that people don't really know about you. But you you you clearly will be in a situation where, like, the only food available is Doritos and you're like twist my arm. Twist my arm. You'll grab like three bags and then you'll just I grab [00:23:24] S1: would go further. I I would say I live sort of a Doritos coated lifestyle. I I would say that Totally. My entire life is Doritos coated in any way. [00:23:34] S0: Absolutely. Well, [00:23:37] S1: I I I love this because I I think, he's not overthinking these categories that he's going after. Like, clearly, there's a market for Doritos, those particular flavors. There's so many other things if you were trying to go into, like, the new chip category. You could go way too protein forward, try and change up the flavors, and just make it a little bit too confusing and not legible to the Doritos customer. This is something that a Doritos customer could see and just pick this instead. And so I I think that there's... This is a good, like, counterbalance to the war that's happening in the rest of the new healthy chip category. This is just, like, one click away from Doritos, and it's more like Doritos than, like, a masa, for example. That that that was the that was the chip. [00:24:24] S0: Yep. Right. Before we bring in Harley, let's pull up this video of, LeBron's newest sponsor.
00:24:24 · Jordi Hays, John Coogan, Dylan Patel, Harley Finkelstein
[00:24:24] S0: Yep. Right. Before we bring in Harley, let's pull up this video of, LeBron's newest sponsor. [00:24:32] S1: Yeah. This is huge. [00:24:33] S0: This is huge. To the [00:24:34] S3: seventy sixers in Philadelphia. Did you see the new sponsors of the seventy sixers? Wait. It's on LeBron's Wait. [00:24:39] S4: Left breast. Don't you... Or is it... You were [00:24:42] S3: Bloom Energy? I am Bloom Energy, but that is a different Bloom Energy. There is an AI company. I think they paid, like, $30,000,000 to sponsor the seventy sixers. No one other than you, finance nerds, know what Bloom Energy is. The amount of messages I got that thought I just signed the 70 sixers is the funniest thing that's ever happened to me. [00:25:00] S0: So good. [00:25:02] S1: So lucky. Yeah. It's better to be lucky than good. I don't know. Greg is very good as well, but it's just like Mandate. [00:25:09] S0: Mandate of heaven. [00:25:10] S1: Mandate of heaven moment for sure. For sure. So good. Let... Let's bring Harley in first. Let me tell you about public. Invest across all asset classes, automated agents, AI agents, run trading strategies, risk management, money movements, and monitoring markets of AI agents for investing on public. And we have Harley from Shopify here to tell us about everything with with Shopify's q three earnings, the health of the ecommerce economy. Let's bring in Harley and catch up with some talk. [00:25:39] S0: Boom. He's back. Gents, it's great to be on the show. [00:25:44] S4: I think... Are are you are you virtual? Are you local?
00:25:44 · Harley Finkelstein, John Coogan, Jordi Hays
[00:25:44] S4: I think... Are are you are you virtual? Are you local? [00:25:47] S1: Am virtual. I'm in San Francisco. I'm traveling. So I got the fake background. Just crying kinda... [00:25:52] S4: I think I think it actually plays really... I was gonna say if there was no Gong, I'm out of here. [00:25:56] S1: No. No. Jordi is in... [00:25:57] S0: We got Jordi. We got you covered. We got you covered. [00:25:59] S1: Give us the first Gong worthy number. I want Jordi to warm up. [00:26:03] S4: Okay. Alright. Well, let's let me give you three Perfect. Because three... These are by far the most important. GMV, 119,000,000,000. That's up 29.5%. Revenue was 33,700,000,000. That's up 32%. And free cash flow margin was 22%, which... You guys know this at our scale [00:26:22] S0: is remarkable. Yeah. I held out. [00:26:25] S4: I held out. Some massive companies, massive brands this quarter. Mac, Clinique, Balmain, Lululemon, all moving to Shopify. We're seeing more and more of this incredible, you know, commerce happen on on Adjunctive Services. I think q three was really the era of, like, these new personal agents, which we've embedded with all of them. We're beginning to see real traction on the agentic side. But this is this is, you know, this [00:26:47] S0: is the [00:26:47] S4: best of Shopify.
00:26:47 · Harley Finkelstein, John Coogan
[00:26:47] S4: best of Shopify. [00:26:48] S1: Lululemon, that's a huge one. Is is AI accelerating the pitch for a big brand like that? Because I imagine AI is incredibly useful at replatforming, moving things around, taking product detail pages, translating them, actually just doing all the grunt work that might be required to change ecommerce providers.