Shopify Shares Jump 5.9%, Lifted by Broad Software Rally After Snowflake Earnings

Shopify (SHOP) shares rose 5.9% to $113.16 on May 28, 2026, catching a tailwind from a sector-wide surge after Snowflake’s results eased fears that AI would hollow out software business models. Snowflake reported a 49% jump in AI-driven accounts and raised its full-year revenue guidance by $180 million, sending its stock up a record 35%. The news lifted peers including ServiceNow, Palantir, and Microsoft, and the iShares Expanded Tech-Software ETF gained. The rally deflated the so-called “SaaSpocalypse” thesis—that autonomous AI agents would erase per-seat licensing revenue. Snowflake instead showed AI is accelerating consumption on its platform. Shopify, down 27% this year, moved in sympathy despite little company-specific news. A day prior, Piper Sandler reiterated an Overweight rating and $150 target, citing 100-200% growth in merchant use of AI tool Sidekick.