If you’ve been tempted to let an artificial intelligence (AI) agent “handle the numbers” for your portfolio, you might want to think twice. The new ORCA Benchmark from Omni Calculator is a cold shower. It found today’s leading chatbots get roughly 40% of everyday math questions wrong. These include finance problems like loan and investment calculations, often with confident, detailed explanations that feel right but aren’t.
That’s fine if you’re converting cups to millilitres for a banana bread. Yet it’s a lot more dangerous when you’re deciding how big a mortgage to take on or how fast your retirement savings could grow. And it’s why there’s likely to be another cold shower coming for e-commerce companies dependent on AI, like Shopify (TSX:SHOP).
Why not Shopify
Shopify exploded when global commerce shifted online. It became the infrastructure powering that shift. From 2015 to 2022, merchants flocked to ecommerce, and consumers changed their habits forever. Shopify positioned itself as the “operating system” for online retail. Revenue grew at triple-digit rates, subscription and merchant solutions soared, and gross merchandise volume surged toward half a trillion dollars. The result was a stock that went from niche Canadian software name to one of the most valuable companies in the country.
But looking ahead toward 2030, that explosive pace naturally slows. Shopify is now a massive, mature platform facing very different conditions. First, ecommerce growth is normalizing after the pandemic surge, which means Shopify’s GMV can’t sustain the same lightning-fast trajectory forever. Furthermore, competition is intensifying, with the AI stock already capturing much of the high-value SMB and DTC market. The AI stock isn’t done growing by any means, but the era of meteoric, breakneck growth is giving way to a more measured path.
OTEX
Meanwhile, OpenText (TSX:OTEX) could be worth more than Shopify by 2030 as its growth engine is shifting into a far broader and more stable market than ecommerce. OpenText has shifted from enterprise information management and security, to data and AI, sectors with global, recession-resistant demand. Its customer base includes governments, Fortune 500 companies, defence, healthcare, and financial institutions. With the pivot toward AI-enabled information management, OpenText now has the chance to become one of the largest enterprise software consolidators in the world.
By 2030, OpenText could surpass Shopify’s valuation. It offers what the market increasingly rewards: durable cash flow, high recurring revenue, and massive operational leverage. Enterprise AI spend is projected to eclipse consumer-facing ecommerce growth over the next decade. This gives OpenText a larger and more predictable runway. Add in the AI stock’s history of accretive acquisitions, strong free cash flow generation, and potential to become a dominant global AI-security-cloud hybrid platform, and you have a scenario where OpenText could compound steadily enough to outgrow Shopify by 2030.
CCO
Then there’s what’s powering AI, and that includes Cameco (TSX:CCO). That’s why it could be worth more than Shopify by 2030. Countries around the world are accelerating nuclear adoption to meet decarbonization goals, stabilize power grids, and support the explosive electricity demand created by AI, data centres, EVs, and electrification. Cameco isn’t just a uranium miner anymore. Its acquisition of a major stake in Westinghouse has transformed it into a vertically integrated nuclear powerhouse with exposure to reactor technology, fuel services, and long-term infrastructure build-outs.
By 2030, Cameco could surpass Shopify in valuation. Its growth runway is tied to geopolitics, national energy security, and massive infrastructure investment rather than consumer spending cycles. Cameco’s Westinghouse partnership aligns it directly with the U.S. government’s US$80-billion reactor programme, giving it a pipeline of long-dated revenue opportunities that could unlock far more value than traditional mining alone. If uranium prices continue rising, SMR deployment accelerates, and Westinghouse captures even a portion of the global reactor market, Cameco’s earnings power could multiply several times over.
Bottom line
For investors worried that the surging shares of Shopify stock are behind it, OTEX and CCO offer a clear runway. One provides the data and AI access to enterprise document management systems, the other the power behind future energy sources. Together, these two AI stocks could power any portfolio to 2030.
