Shopify’s sharp 17% jump after its Q2 beat has thrown a spotlight on how significantly AI is affecting the e-commerce world right now. When AI tools help push gross merchandise value, revenue, gross profit and free cash flow growth all above 30%, investors may start to consider which other stocks could be connected to the same trend. This article looks at 3 stocks exposed to this AI in e-commerce story and why they may warrant a closer look.
The three stocks covered below are just a starting sample, and the full screen surfaced 42 more companies with equally compelling AI in e-commerce narratives that are not included here. To go straight to the source, use the Artificial Intelligence Integration in E-Commerce screener to identify, analyze, and prioritize the highest conviction ideas for your watchlist.
Riskified (RSKD)
Overview: Riskified is an AI-driven e-commerce risk platform that helps online retailers approve more legitimate orders while screening out fraud, using tools that cover chargebacks, refunds, account security, and payment authentication across a wide range of industries and regions.
Operations: Riskified currently generates about US$351 million in revenue from security software and services for online merchants.
Market Cap: US$749 million
Riskified is closely aligned with Shopify’s AI initiatives, since merchants that sell more online also often look for better fraud protection, higher approval rates, and fewer false declines. The company is still loss making, and analysts currently project an improvement in earnings and note a gap between the current share price and their estimated cash flow value. Recent launches such as the ARIA AI risk analyst and Identity Explore 2.0, plus partnerships with Marqeta and Kogan.com, illustrate how deeply embedded Riskified’s tools can become in payment flows. Key areas to monitor include funding risk, margin pressure from tougher fraud attacks, and reliance on key merchants, all of which make the balance between risks and potential rewards important to assess carefully.
Riskified’s AI tools sit at the intersection of fraud risk, merchant growth and cash flow expectations. Before you decide how it fits on your watchlist, scan the full DCF valuation analysis for Riskified that could reveal what the market might be missing.
Build your own AI in e-commerce shortlist
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ServiceNow (NOW)
Overview: ServiceNow runs cloud software that helps large organisations automate and connect critical workflows across IT, customer service, security, HR and other departments, increasingly layering in AI so routine tickets, approvals and support requests can be handled faster and with less manual effort.
Operations: ServiceNow generates about US$14.7b in revenue, primarily from its Internet Software & Services business, with most sales coming from the United States alongside meaningful contributions from EMEA and the Asia Pacific region.
Market Cap: US$122.1b
ServiceNow sits at the heart of how many enterprises run day to day. Its push into AI agents, security workflows and AI governance is attracting attention after Shopify’s AI driven surge put workflow tools back in focus. The company is growing subscription revenues and AI contract value, supports this with high quality earnings and strong cash and investment balances, yet carries an expensive P/E and some pressure on margins and returns. In addition, there is heavy insider selling and rising executive pay. Together, these factors contribute to a powerful but debated AI platform that many investors are watching closely rather than ignoring.
ServiceNow’s AI push is reshaping how enterprises work, but the mix of premium P/E, margin pressure and insider selling makes the full story easy to miss. Read the 3 key rewards and 1 important warning sign
Grid Dynamics Holdings (GDYN)
Overview: Grid Dynamics Holdings is an IT services company that helps large enterprises build and run artificial intelligence, cloud, and digital commerce systems, from early strategy and data work through to full scale deployment across the business.
Operations: Grid Dynamics generates about US$422 million in revenue from computer services, with most of its business coming from the United States and smaller contributions from the United Kingdom, Poland and other markets.
Market Cap: US$588 million
Investors looking at Shopify’s AI driven activity in e-commerce may want to understand how Grid Dynamics Holdings fits into that same story. Around one third of its revenue now comes from AI projects, helped by platforms like GAIN that some clients treat as core infrastructure, and management highlights that these AI workloads are moving from pilots into production across top accounts. At the same time, profit margins are thin, recent earnings have been hit by one off items, and the company relies entirely on external borrowing, which raises funding risk. With analyst forecasts pointing to strong earnings growth but a mixed recent track record and index removals affecting visibility, the key question is whether this AI adoption can translate into steadier profitability and a re-rating over time.
Grid Dynamics Holdings now has about one third of revenue tied to AI projects, yet thin margins and funding risk leave a big question mark. Read the analysis report for Grid Dynamics Holdings
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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