Shopify exits IVES AI 30 list as Datadog and SK Hynix join
SHOP•Wedbush Securities removed Shopify from its IVES AI 30 list as it added Datadog and SK Hynix, citing surging memory super-cycle demand. The firm noted record $725 billion cloud capex from Big Tech and projected higher DRAM and NAND prices in H2 2026, underscoring Shopify’s reduced AI relevance.
1. Shopify Removed From IVES AI 30 List
Shopify was dropped from the IVES AI 30 list when Wedbush Securities added Datadog and SK Hynix, marking a shift in its AI exposure assessment. The change reflects the list’s focus on firms deemed most critical to current AI build-out themes.
2. Underlying AI Themes and Capex Trends
The AI 30 list update highlights a memory super-cycle and AI observability as key drivers, backed by record $725 billion in Big Tech cloud capital expenditures. Analysts see enterprise AI adoption accelerating, with DRAM and NAND pricing expected to inflect higher in the second half of 2026.
3. Implications for Shopify’s AI Strategy
Exiting the list suggests Shopify may be viewed as less central to the AI revolution compared with peers focused on infrastructure and memory. Investors may reassess the company’s AI roadmap and seek clarity on future platform enhancements to restore confidence in its technological positioning.
