Shopify wants to replace jobs with AI

Author

Jay Lutz
July 21, 2023

Sponsored by Power Nickel

Shopify wants to replace jobs with AI

In a Twitter thread, a Shopify (TSX: SHOP) employee has broken their non-disclosure agreement (NDA) to shed light on the company’s controversial actions and strategic direction. The thread exposed a series of events starting from the first quarter of 2022 when Shopify promised job security to its staff, only to carry out massive layoffs in July of the same year.

These job cuts, according to the employee, were driven not merely by a CEO’s misguided “bet,” but rather a shift towards replacing full-time employees with cheaper contract labor and an increased reliance on artificial intelligence (AI) support.

Last week, Shopify announced its upcoming launch of an artificial intelligence assistant called “Sidekick” for merchants using its platform, joining the ranks of other tech companies introducing similar features. In a video shared on Twitter, Lutke demonstrated how the “Sidekick” assistant, accessible through a button on Shopify, will be capable of responding to merchant inquiries, providing information on sales trends, and more.

You can read more on the matter here.

Power Nickel is a Canadian junior exploration company focusing on developing the High Grade Nisk project into Canada's first Carbon Neutral Nickel mine. The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts, including a recent intercept of 1.01% nickel over 14.4 metres.

What’s going on?

  • NFL Fines Former Washington Commanders Owner Dan Snyder $60 Million Over Claims of Sexual Harassment and Financial Misconduct (theDeepDive)

  • Canadian Retail Sales Starting to Stall as Higher Rates Bite (Bloomberg)

  • Amazon builds $120 million satellite processing hub in Florida (Reuters)

  • US Intensifies Sanctions to Curb Russia’s Military and Economic Strength (theDeepDive)

  • Twitter Users Complain of Unfair Payout Practices (theDeepDive)

  • US to Partner With Panama to Boost Semiconductor Supply (Bloomberg)

  • Netflix Wants To Show You More Ads (theDeepDive)

  • Dead EV batteries turn to gold with U.S. incentives (Reuters)

The Excelsior Gold Project

The stock market and stuff

  • CoinDesk Soon to Change Hands in $125M Deal (theDeepDive)

  • Tesla’s Profit Margins Slip Amidst Price Cuts, Impacting Earnings (theDeepDive)

  • Nickel Set to Flood the LME, Turning Metal Squeeze Into Glut (Bloomberg)

  • Late to the Party? Regulator Cancels FTX Australia’s License (theDeepDive)

  • TSMC Falls Most in Five Months After Outlook Cut, Arizona Delay (Bloomberg)

In the juniors

  • Excellon Resources Receives Notice of Termination For La Negra Mine Purchase (theDeepDive)

  • Power Nickel To Spin-Out Non-Core Assets (theDeepDive)

  • A major telecom operator selects Gilat Satellite for connectivity in Western Europe (SA)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.