We discuss an analysis detailing Shopify's significant strategic transformation from a Software-as-a-Service (SaaS) provider focused on building online storefronts into a fintech-driven transaction infrastructure. This shift was necessitated by the existential crisis caused by Apple's App Tracking Transparency (ATT) policy, which crippled the performance marketing model that had sustained Shopify's merchants. Financial evidence supports this pivot, showing that Merchant Solutions, including payment processing via Shopify Payments, now account for nearly three-quarters of the company's revenue and growth. The report concludes that Shopify's partnership with OpenAI and integration into ChatGPT is the capstone of this new strategy, allowing Shopify to cede the user interface while securing ownership of the underlying transaction "pipes" for the emerging era of conversational and agentic commerce.

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