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.
00:27:09 · Harley Finkelstein
[00:27:09] S4: I think every retailer is looking... Is being asked by their board, hey, what is your AI commerce strategy? What is your organic shopping strategy? And one of the things that I've said to when I meet these brands, you know, even some of the, you know, bigger brands or or or older brands like, you know, Estee Lauder or Birkenstock or I don't know, Hunter Douglas is I will say, look, ultimately, what I think you've all had to do for the last twenty, thirty years is you've had to not just be an incredible retailer and a and a brand producer and a product producer, but you also had to effectively become a technology company. You had to understand, like, you know, online stores. You had to understand servers. You had to understand data rooms. You had to understand, you know, how this all kind of fits together. And and you... Many cases, you even had your own, like, on prem servers. I was like, I think that era is over. I I think the era is now get back to building incredible cosmetics or great, yoga apparel or whatever your product is and let us handle the infrastructure around all of commerce. I think the agentic, everyone's sort of thinking about it. I think the numbers are actually... I mean, it's still on a very small base because it's so We did $400,000,000,000 last year of GMV total. So it's still a fairly small base relative to overall GMV, but traffic was up 2.6 x year on year. Orders were up 3.3 x year on year. And more importantly, on the conversion side, if you just compare conversion using Shopify catalog versus general AI search, which is effectively scraping, it's two x higher. And even in terms of what they're seeing from some of these, like they're seeing more, more, more, more new customers come on. But the real winners of of AI so far has really been kind of the long tail. These, you know, like, products that are outside our top 100 categories, and we have a ton of them on Shopify.