Shopify posted its strongest quarter in four years and the stock fell 7%. Rick walks through why Wall Street wasn't impressed, what the LVMH signing actually means for the "Shopify is only for startups" narrative, and the credit-loss line item that's quietly getting bigger.

Also this week:

Amazon Q1: three numbers Wall Street missed, including a $150B grocery run rate and free cash flow down 95%

The Watson Weekly is sponsored by Avalara—the agentic AI platform automating global tax and compliance for leading eCommerce brands. Go to avalaratax.watsonweekly.com for more details.

Alphabet's Universal Commerce Protocol, now signed by Kingfisher, Target, and Wayfair

GameStop's $55.5B bid for eBay, with Ryan Cohen pitching it as "Chewy on steroids"

Investor Minute: PayPal restructure, Recharge buys Skio for $105M, Cognizant grabs Astreya for $600M, Lipton takes a $245M CVC investment, District raises $14.7M seed