Shopify Deep Dive Part 1: The Falling Margin That Fooled Everyone

This is the first of a three-part deep dive on Shopify (Nasdaq/TSX: SHOP). Part 1 covers the business model and how Shopify actually makes money. Part 2 covers the $2 billion detour, the Amazon threat, and AI. Part 3 covers the financials, capital allocation, and valuation. Shopify is a fundamentally different business than it was […] The post Shopify Deep Dive Part 1: The Falling Margin That…