On June 3, Shopify declined 3.06% in regular trading, trading at $113.68/share, with trading volume of $201 million. The stock continued its pullback despite a significant buyback announcement.

On the news front, Shopify announced late the previous session that its board added $3 billion to its share buyback plan, increasing the total authorization to $5 billion. As of Monday, the company had already repurchased $1.45 billion under its existing program, with the CFO stating the expanded plan aims to return capital to shareholders during periods of market volatility. The new program is set to commence on June 8.

However, the buyback catalyst was overwhelmed by broad-based selling across the Internet Services and Infrastructure sector, driven by mounting concerns that AI poses an existential threat to software companies. Within the sector, MongoDB fell 7.79%, CoreWeave dropped 5.79%, Snowflake declined 4.79%, and Cloudflare lost 3.45%. Additionally, Shopify's Q2 revenue growth guidance of approximately 30% represents a deceleration from Q1's 34% pace, adding fundamental headwinds to the technical pressure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)