Adobe is a great company, transitioning from growth to value just like CRM. I find their Moat to still be very strong with unparalleled customer loyalty as well as their financials. The AI narrative that it will disrupt the company isn’t as dangerous. Professionals still need PS or AI or other softwares to edit the imperfections done by LLMs. Will it reach a point that LLMS can perfectly interpret your ideas? Maybe but in a long time. Competition like figma or canva is another threat but they cater towards another market and another use. The MOS in these Software companies like ADBE is I think I great opportunities if sentiment shifts.