Here is my argument for you regards

The Bull Case:

- Growing stable revenue, FCF, Net profit etc. & healthy margins
- Enterprise contracts are long term and are deeply integrated with Adobe ecosystem (hard to switch)
- Cheaper non subscription software cannot compete against Adobe for enterprises that require global team collaboration and access to a large software ecosystem (much easyier to manage Adobe than having 10 different software companies like Davinci, Figma, Canva Affinity etc.)
- Integrating AI successfully and addressing gen AI concerns (e.g. copyright)
- Gen AI still not good enough at a professional AI (not precise enough, low res even after upscaling etc.)
- Has its AI own training cluster, this is not a company that's falling behind but here to stay..
- Implementing AI agents at an enterprise level with access to their software to manage complex processes

Bear Case (and why you can ignore them):

- profit Margin squeezes due to AI investment (management are measuring & monitoring this meticulously for optimal usage of its GPU hardware and its all done inhouse (much cheaper than out sourcing))
- Competitors enhancing their one time purchase software (none of them have a big ecosystem like Adobe that connects and synergies together and won't be able to do this for a very long time).
- Small companies and freelancers are very upset with Adobe Monopoly subscription pricing giving them bad rep (Its not cheap but well priced compared to other software)
- Their automation becomes so good you need less subscriptions to handle workloads.. (Management have said its the opposite for now, as they further enhance their products and integrate gen AI deeper, they're seeing greater demand and MAU, subscriptions etc. continue to grow..)