markets

Claire Yubin Oh8/7/25

Shopify overtakes RBC to become Canada’s most valuable public company

Thanks to an impressive quarter that sent Shopify shares soaring on Wednesday, the e-commerce platform has become Canada’s most valuable company, beating the Royal Bank of Canada to the top spot.

After its earnings call, Shopify surged on an optimistic outlook for the next quarter, as it expects revenue to grow at a mid- to high 20s percentage rate on a year-over-year basis. “The numbers were astonishing — an absolute blowout quarter,” said Mike Archibald, a portfolio manager at AGF Investments, via Reuters.

The platform’s climb also sent the entire Toronto stock market briefly to a new record high, bringing the S&P/TSX composite index up 1.3% on Wednesday from the day before.

Shopify is now the biggest Canadian company — Sherwood News

Shopify previously edged past RBC in 2020, when e-commerce enthusiasm exploded during the pandemic. Unfortunately, that excitement soon evaporated, with Shopify losing the crown after two years. As noted by Bloomberg, that’s given further fuel to the idea of the Canadian market curse, in which rocket-like companies such as Blackberry and Nortel Networks Corp. have ended up dramatically collapsing in value after beating the nation's biggest bank. Maybe this time it’s different with SHOP?

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S&P 500 posts weekly gain for its 8th consecutive week

The benchmark index is on its longest weekly winning streak since 2023.

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Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Take-Two’s “GTA 6” forecast feels absurdly conservative

Take-Two issued a 2027 net bookings forecast about $1 billion below Wall Street’s estimates. The stock is falling on Friday.

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The D-Wave 2X quantum system, is operated at the NASA Advanced Supercomputing facility's Quantum Artificial Intelligence Laboratory at NASA's Ames Research Center in Mountain View, Calif., as seen on Tuesday December 8, 2015.

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markets

Helena Cheng23h

Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).
Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).
Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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