Shopify's (SHOP) push towards artificial intelligence before its peers has helped it establish a product innovation flywheel and secure cultural buy-in advantages, Oppenheimer said in a Tuesday note.

Some investors worry that Shopify's ambitious adoption of AI might eventually hit a productivity wall or pressure margins but AI-related costs should remain manageable, Oppenheimer said.

Analysts further said that while there are worries that the company will eventually need to account for consumer uncertainty, Shopify's gross merchandise value seasonality proved durable even against higher tariffs.

The company has credited AI with enabling growth in the high-20s% to over 30% range and retaining stable headcount over the past few years, analysts said.

Oppenheimer has an outperform rating and a $175 price target on the stock.

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