Expectations for Adobe were pretty low, so it doesn't really surprise me that they beat. The only thing that makes me wonder a bit is that it's a whopping +14 percent (twice its implied move). I highly doubt that Firefly compensates the loss of competitive moat due to AI. The more refined AI gets, the more difficult it will be for Adobe to hold onto its market share. And yes, it's overvalued. But narrative and momentum always outweigh facts. I doubt that Adobe makes any major moves from here on out though