Q2 results beat expectations, primarily driven by AI tools fueling merchant growth and ecosystem expansion. GMV $116B (+32%), revenue $3.6B (+34%), marking the fifth consecutive quarter of GMV growth above 30%. On the business side, Catalog AI search conversion rate doubled, Sidekick daily active users grew 3.6x, Shop app GMV rose 70%, B2B grew 76%, international grew 37%, and new enterprise customers Guess and Avon were added. Q3 revenue guidance calls for low-30s% growth, with free cash flow margin in the high-teens to low-20s%, sustaining the strong outlook. 75% of AI orders come from long-tail categories, benefiting independent merchants, and management's tone is optimistic.