Elastic Path is the API-first, AI-ready commerce platform for brands with complex requirements: large catalogs, multi-tier pricing, and multiple brands and markets. Manufacturers, distributors, and retailers run account hierarchies, quoting, and negotiated pricing natively, not through bolt-on apps and workarounds.

Amazon’s advertising business grew 11% to $19.6B in the third quarter, or 12% without currency effects. Media reports called it Amazon’s first ad miss in seven quarters.

Amazon blames Prime Day, which moved into June this year in most large countries, including the US. On the call it said that move alone took 8.5 points out of third-quarter ad growth. I accept that, because the six-month math works.

Amazon says fourth-quarter ad growth will be back in the high teens, which is still slower than the 22% to 23% it posted in the same quarter last year. If ads settle there, AWS has to carry more of the case for the roughly $220B Amazon expects to spend on capital projects this year, most of it for AWS. AWS grew 39% to $46B, its fastest growth in nearly five years. By my math it produced 63% of Amazon’s operating income on less than a quarter of its sales.

FedEx raised its 2026 profit outlook. Revenue rose 12% to $22.9B, and about four points of that growth came from US fuel surcharges. Domestic package volume grew 2% while revenue per package rose 7%, with roughly half of that increase from base pricing, but domestic adjusted margin still slipped to 6.6% from 6.8%. UPS reported US revenue per parcel up 6.1% on about 3% less daily volume, so FedEx is at least growing volume. I’d like to know how many merchants will see their share of the $2.7B in tariff refunds FedEx is holding, and how soon. Parcel rates go up another 5.9% on January 4.

Shopify processed $119B in merchant sales, up 29.5%, and grew revenue 32% to $3.7B. Harley Finkelstein said orders from AI channels were up 3.3 times and that Shopify Catalog converts at twice the rate of general AI search. Shopify gave no base for the 3.3 times, and Finkelstein said the volume is still small. The margin story is also softer than the headline suggests. CFO Jeff Hoffmeister said about 1.5 points of the four-point gain in free cash flow margin is structural, and the rest came from marketing tests.

Walmart committed about $6B over several years to bring Symbotic into 25 US regional distribution centers. Symbotic says the deal could add up to $6.92B to its backlog. The two companies agreed back in 2022 to put Symbotic in all 42 regional DCs. If the robots work as well as Walmart says, I don’t understand why this is still a supplier contract rather than an acquisition. The Wall Street Journal recently reported that Walmart has struggled to automate its DCs, with boxes too big for some machines and wheeled robots that break down too often. Walmart says new technology is never perfect on day one.

Klaviyo grew revenue 25% to $387.2M and raised its full-year outlook. Adjusted operating income was $56.9M, against its own guidance of $40M to $43M. Net revenue retention slipped to 108% from 109%, and about 60% of the revenue increase came from new customers.

Amazon gave me math I could rebuild this week. Shopify and Walmart are asking for more patience, Shopify on an AI channel it hasn’t sized and Walmart on robots it first committed to in 2022. I can’t tell yet which of those bets will show up in a merchant’s costs or sales first, and neither company has given me the number that would settle it.

Under Armour is shrinking on purpose and betting the brand recovers before the cutting runs out. Revenue fell 7% to $1.2B in the quarter ended September 30. Kevin Plank says the company hit its revenue expectation. That expectation was a decline.

Plank wants one big product story a month and calls marketing his largest opportunity. The restructuring is meant to be substantially done by December 31. I can’t tell from this quarter how much of the 7% came from the cuts and how much came from people choosing Nike or On instead, and the release doesn’t split it out.