On June 8, Shopify rose 3.36% in regular trading, trading at $112.13/share, with trading volume of $126 million. The stock rebounded as the company's previously announced $5 billion share repurchase program officially commenced.

On the news front, Shopify's board had approved a $3 billion increase to its existing buyback authorization, bringing the total program to $5 billion, with the expanded plan set to begin on June 8. The company had already repurchased $1.45 billion of shares under its prior program. Management stated the initiative aims to return capital to shareholders during periods of market volatility, signaling confidence in the company's long-term prospects and robust cash flow generation capabilities.

The buyback announcement had initially failed to support the stock as concerns over AI threats to the software industry triggered a sector-wide selloff in prior sessions. With the broader Internet Services & Infrastructure sector now stabilizing — Snowflake up 2.48%, Applied Digital up 2.74%, Cloudflare up 0.82% — the formal launch of the repurchase program is finally gaining traction with investors.

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