Etsy, Shopify Stocks Rally On Openai Partnership To Power E-Commerce On Chatgpt: Retail Extremely Bullish

(MENAFN- AsiaNet News)

Shares of Shopify and Etsy surged 6.2% and 15.8%, respectively, on Monday following the announcement of a partnership with OpenAI to power online commerce on the ChatGPT chatbot.

On Stocktwits, the retail sentiment for both tickers shifted to 'extremely bullish,' as users discussed potential gains from the partnership with the world's top AI service.

ETSY sentiment and message volume as of September 29 | Source: Stocktwits SHOP sentiment and message volume as of September 29 | Source: Stocktwits

On Monday, OpenAI announced a new feature called Instant Checkout, which allows users to purchase goods directly from the ChatGPT app. The significant move marks OpenAI's entry into e-commerce, opening a new channel for revenue.

"U.S. ChatGPT Plus, Pro, and free users can now buy directly from U.S. Etsy sellers right in chat, with over a million Shopify merchants, like Glossier, SKIMS, Spanx and Vuori, coming soon," OpenAI said in a blog post.

Instant Checkout currently supports single-item purchases. OpenAI will add support for a multi-item cart and more merchants and regions going forward.

Merchants pay a small fee on completed purchases, but the service is free for users, does not affect their prices, and does not influence ChatGPT's product results, according to OpenAI's blog post. The AI chatbot has over 700 million users globally.

Etsy's significant move also raised some concerns. Morgan Stanley stated that while it is "encouraged" by the OpenAI partnership, the 16% move is "overdone." The research firm also noted that it's“far less clear if agentic commerce is Etsy's friend or foe over the long-term.”

A Stocktwits user said the stock is the "easiest short in the market today."

Notably, short interest in ETSY climbed to 18.8% from 16.6% at the start of the month.

In separate news on Monday, Etsy is transferring its common stock listing from Nasdaq to the New York Stock Exchange. The stock, which has risen 41% year-to-date, will begin trading on the NYSE on Oct. 13.

Year-to-date, ETSY stock is up 40.6% and SHOP stock is up 40%.

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