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Our Adobe stock analysis starts with a look at what Adobe actually does - they power creative types with content creation and marketing tools. Growth for Adobe has been solid double digits over the past decade, though that's stalled recently. (Adobe stock is still richly valued with a simple valuation ratio of 12.) Perhaps that's why they decided to pay so much to acquire Figma, or at least they plan to (the Figma acquisition hasn't been approved by regulators yet). The big topic for analysts lately has been how generative AI might threaten ADBE stock. AI will reduce the need for creative types, and consequently impact Adobe's subscriptions. Adobe spins this as a positive, though we're more concerned with how Adobe might be impacted once all the "influencers" and "creators" realize it takes a ton of work to go beyond the $100-per-year mark and begin cancelling their subscriptions and looking for real jobs. Advocates of the creator economy would have a different opinion, but our view on $ADBE stock is that it doesn't offer the sort of disruption we're looking for.

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