Thrive reportedly told stakeholders that it’s a bet on how artificial intelligence can boost the retail business, as Shopify positions itself as a leader in agentic commerce. (Bloomberg)

Talking point: Thrive, which has also invested in OpenAI, Stripe and SpaceX, is one of a handful of venture capital firms that are investing in public companies as well as private ones amid an IPO slowdown. Shopify’s shares have struggled so far this year, losing about 37 per cent of their worth. But the markets reacted positively to the Thrive investment, with shares trending up since the news was reported. Thrive’s investment comes after Shopify doubled down on artificial intelligence and rolled out access to AI-powered shopping to millions of merchants. Shopify recently revealed some information about how that’s going so far: it claims AI-referred shoppers make purchases more frequently and spend more.