Shopify's stock plummeted 5.03% during intraday trading on Friday, as mounting concerns over artificial intelligence posing an existential threat to the software industry triggered a broad selloff across the Internet Services & Infrastructure sector.

The decline was part of a sector-wide drag, with peers such as Applied Digital, CoreWeave, Cloudflare, and Snowflake also falling sharply. Despite Shopify's recent announcement of a $3 billion expansion to its share buyback program, bringing the total to $5 billion, the move failed to effectively offset the industry-wide selling pressure.

Additional headwinds for the company include its second-quarter revenue growth guidance of approximately 30%, which represents a deceleration from the first quarter's 34% pace, contributing to the stock's continued pullback amid multiple challenges.