Tobi Lütke is still captivated by internet commerce, 20 years later

Bullish:

• $SHOP - Shopify has created an unprecedented ecosystem with Meta that has enabled more business creation than any government policy in history, demonstrating the platform's massive value creation potential.

  • “I think the Meta Shopify loop has created more businesses than any government policy in history.”

    Tobi·1:53:39
• $META - Meta's advertising platform is an incredible enabler for small businesses, creating a powerful symbiotic relationship with Shopify that has driven unprecedented business creation.

  • “The Meta platform specifically is just so incredible for this. Like, I think the the the the Meta Shopify loop has created more businesses than, like, you know, any government policy in history.”

    Tobi·1:53:39
• $STABLES - Stablecoins represent essential infrastructure for internet commerce, providing the speed and efficiency needed for digital transactions that traditional payment systems cannot match.

  • “The Internet just needs its own currencies. I think it's At least it needs its own infrastructure to move things by Internet speeds.”

    Tobi·55:49
• $NUCLEAR - Nuclear power is demonstrating exceptional execution with projects consistently coming in under budget and ahead of schedule, particularly in Ontario's clean energy grid.

  • “where I live in Ontario, it's, like, the grid is entirely clean. It's, like, the boost nuclear power plant, which we constantly build more reactors for, which is, like, every time under budget and before schedule”

    Tobi·1:35:49
• $ENERGY - Canada possesses top-tier reserves of critical resources needed for the next manufacturing buildup age, presenting significant extraction and development opportunities.

  • “Canada... it's number one, two, or three on every single resource that is of value in in the in in the next manufacturing buildup age. So, like like, we should probably get on extracting some of those resources”

    Tobi·1:34:02
• $AICOMMERCE - AI-powered commerce will democratize personal shopping services currently available only to the wealthy, creating personalized shopping experiences with memory and deep customer understanding.

  • “I think the best way to predict the future in most cases is just, like, frankly, at what rich people buy for themselves... personal shoppers. Right? Mhmm. These are the places where, you know, memory and understanding people and personalization are just, like pay so many dividends”

    Tobi·37:39

Bearish:

• $AGGREGATORS - Pure aggregation businesses face existential threats as AI agents become new discovery points, challenging the fundamental value proposition of companies whose primary function is aggregation.

  • “I mean, it feels like step one is that's gonna happen with agentic commerce is I feel like existing aggregators, if just aggregation is their raison d'etre, then they're gonna have a lot of questions that they need to answer”

    John·39:33