Shopify shares gained in early U.S. trading as sentiment across the tech sector improved. Investors reacted to remarks from Nvidia CEO Jensen Huang, who dismissed fears that generative AI would “cannibalize” the enterprise software market and pressure valuations for software companies.

Huang’s comments sparked a rebound in high-growth names that had been weighed down by the “AI headwind” narrative. Alongside Shopify, Zscaler and CrowdStrike also advanced, as investors began to view AI as a force that strengthens established platforms rather than threatens their business models.

Speaking on CNBC, Huang said the market “got it wrong” about AI’s impact and stressed that platforms such as ServiceNow remain central because they can quickly deploy “fine-tuned” AI agents using already established processes and tools. Against that backdrop, Shopify’s initial surge cooled somewhat, but the stock held on to gains.

After the first jump, Shopify shares eased to $124.19, still about 3.2% above the previous close. The stock is down roughly 21% year to date and is trading about 30.6% below its 52-week high of $179.01, reached in October 2025.