Thanks, Carrie, and thank you all for joining us today. As we say each quarter, Shopify is building for the long term. GMV was up 24%, marking our fifth consecutive quarter where GMV growth was ...

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The Fund outperformed its benchmark this quarter through diversified growth and strong performance in AI-related holdings.

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Merriam-Webster’s 2025 word of the year is “slop.” The word was first used in the 1700s to mean soft mud. It evolved more generally to mean something of little value.