Adobe

Adobe makes the software that the creative world runs on. Photoshop, Illustrator and its video and design tools are the standard in professional creative work, and the company owns the PDF format through Acrobat, giving it a grip on how documents are created and shared. Years ago it shifted all of this from boxed software to a cloud subscription, Creative Cloud, which turned one-time purchases into steady recurring revenue and made Adobe one of the most profitable software companies around. Founded in 1982 and based in San Jose, California, it also sells marketing and analytics software to businesses. The defining question for the stock now is AI: generative tools can create images and video from a text prompt, which is both an opportunity Adobe is chasing with its own Firefly models and a threat that could erode the moat around its flagship apps. That tension drives the shares.

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