10 Best Canadian Stocks to Buy According to Billionaires

1. Shopify Inc. (NYSE:SHOP)

Number of Billionaires: 16

Shopify Inc. (NYSE:SHOP) is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. It provides a proprietary platform for online stores and retail point-of-sale systems, enabling businesses of all sizes to set up, operate, and manage their own online storefronts.

In the fourth quarter of 2024, Shopify Inc. (NYSE:SHOP) reported robust financial performance, with revenue surging 31% year-over-year to $2.81 billion. This growth was driven by a 26% increase in gross merchandise volume (GMV), marking the highest rise since the pandemic-induced spike. Net income for the quarter doubled, reaching $1.29 billion, surpassing analysts’ expectations.

As of March 7, 2025, Shopify Inc. (NYSE:SHOP) is trading at $102.49, reflecting a decrease of approximately 3.5% from the previous close. The decline aligns with a broader trend observed in early 2025, where Shopify’s stock experienced fluctuations due to various factors impacting the e-commerce sector. Notably, in February 2025, despite reporting a 31.2% year-over-year revenue increase to $2.81 billion for Q4 2024, Shopify’s stock dropped by 6% owing to investor concerns over reduced consumption and its impact on future revenue growth.

Shopify Inc. (NYSE:SHOP) has recently experienced a great response to the integration of artificial intelligence (AI) tools under the “Shopify Magic” suite. The AI-driven features automate various tasks, such as generating discounts and product descriptions, providing merchants with efficiencies previously accessible only to major retailers. The innovation has attracted a growing number of North American merchants to the platform, strengthening Shopify’s market position.

Overall Shopify Inc. (NYSE:SHOP) ranks first on our list of the best Canadian stocks according to billionaires. While we acknowledge the potential for SHOP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SHOP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stock To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap. 

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.