In its Q2 2026 investor letter, Sands Capital Select Growth Fund noted that Shopify's shares declined due to investor concerns over AI-related expenses and forward guidance, overshadowing strong quarterly revenue growth of 32%. However, the fund believes these concerns are manageable, as Shopify is embedding AI to improve merchant productivity and product discovery, with early traction seen in Sidekick and Campaigns usage up 400% and 300% year-over-year, respectively. The fund maintains its long-term growth conviction, also supported by enterprise adoption, international expansion, and rising take rates.