On June 4, Shopify rose 3.24% in regular trading, trading at $117.03/share, with trading volume of $205 million. The rally was primarily driven by the company's recently announced expansion of its share repurchase program, which gained traction as the broader sector stabilized.

On the news front, Shopify's board approved a $3 billion increase to its stock buyback plan, bringing the total authorization to $5 billion, with the expanded program set to officially launch on June 8. The company has already repurchased $1.45 billion in shares under its existing program. CFO Jeff Hoffmeister stated that stable operating cash flow, a long-term oriented balance sheet, and consistent strong quarterly performance enable the company to return capital to shareholders, particularly during periods of market volatility.

The buyback announcement, initially made on June 3, had been overshadowed by a broad industry selloff driven by AI-related concerns. As the Internet Services & Infrastructure sector regained footing — with MongoDB up 4.87% and Snowflake up 3.35% — the repurchase catalyst began to be reflected in Shopify's share price, signaling management confidence in the company's long-term outlook and robust cash flow generation capabilities.

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