I called out Shopify's FCF conversion story yesterday and the market just validated it—but here's the rub: a rosy Q3 outlook doesn't make a beaten-down stock cheap. Revenue growth accelerating on AI merchant adoption is real. Margins expanding when SaaS companies typically trade off growth for scale is rare and valuable. But the stock now trades at a multiple that assumes *flawless execution* for the next 18 months.

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