1-Year High for Roku Shares; Shopify Enhances Use of Generative AI

by Hannah Dillon on 31st Jul 2023 in News

In today’s ExchangeWire news digest: Roku shares jump to a 1-year high following a positive quarterly forecast; Shopify expands its use of generative AI; and Xandr announces a ban on political ads.

Roku stock surges by 30%

Roku saw shares hit a one-year high on Friday (28th July), with stock prices rising 31.4% to USD$89.61 (~£69.71) a share. Stock for the video streaming firm has more than doubled this year, with Friday’s increase taking its market capitalisation to around USD$12.6bn (~£9.8bn). Roku stated it had accrued 1.9 million active accounts in Q2 2023, taking its total to 73.5 million.

Shopify leans into generative AI

E-commerce titan Shopify has announced new features under “Shopify Magic”, the firm’s catch-all brand for generative AI. The tools, made available last week, can generate product descriptions and blogs, in addition to responding to customers’ enquiries. Additionally, a new chatbot-like tool dubbed “Sidekick” can process queries concerning business decision-making. Shopify’s head of product for AI, Miqdad Jaffer, said the company is “deeply committed to making the power of AI accessible to businesses of all sizes.”

Microsoft’s Xandr to ban political ads

TV advertising company Xandr has told advertisers it will ban political ads from the 1st October this year. Purchased by Microsoft in 2021, Xandr’s full ad tech stack has allowed political ads since 2016. The change in policy, which also features a ban on ads relating to alcohol, tobacco, CBD, and gambling, marks an alignment of Xandr’s policies with Microsoft's, with a spokesperson for Microsoft asserting, “We are focused on ensuring greater consistency across our platforms and a smooth transition for our clients."

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