Shares of e-commerce platform Shopify Inc. jumped sharply during the afternoon session after impressive financial results from cloud company Snowflake dispelled investor fears regarding the “SaaSpocalypse” — a massive selloff that had erased approximately $2 trillion from software market values since late 2025 on fears that AI would make subscription software obsolete.

Shopify shares closed at $113.16 per piece, showing a 5.9% gain by the end of the trading day after a local surge of 6.8% mid-session.

The company’s recent stock price around $114.79, recorded shortly after, still leaves Shopify 35.9% below its 52-week high of $179.01 reached in October 2025. Since the beginning of the current year, the platform’s shares are down 27%, meaning a $1,000 investment made five years ago would now be valued at approximately $923.59.

Shopify overcame market pessimism thanks to a strong synergistic effect from AI: Snowflake’s report proved that neural networks are not displacing software platforms, but rather generating new workloads for them. Investor sentiment was also bolstered after Piper Sandler reiterated a $150 price target for SHOP, driven by a twofold increase in merchants’ usage of the proprietary AI assistant, Sidekick.