On June 11, Shopify declined 3.05% in regular trading, trading at $104.93/share, with turnover of $215 million. The stock extended its pullback as persistent concerns over artificial intelligence posing an existential threat to the traditional software industry continued to pressure the Internet Services & Infrastructure sector.

On the news front, market anxiety over AI disruption to the software industry has been intensifying in recent sessions, dragging down peers including CoreWeave, which fell 3.15%, and Snowflake, which declined 0.6%. Although Shopify's $5 billion stock buyback plan officially launched on June 8 — with the board having previously approved an additional $3 billion in authorization on top of $14.5 billion already repurchased — the positive signal has been unable to effectively offset broader industry selling pressure. The buyback had initially boosted shares by over 5% upon launch, but sector-wide headwinds have since reasserted dominance over market sentiment, limiting the program's supportive effect on the stock price.

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