Why did Adobe move?
Written after the close on
Adobe fell in the last session as its AI story stayed contested. Over the last five trading days Adobe was roughly unchanged, even as the broad market and the technology sector edged higher, so it lagged both. The softness likely reflects lingering doubt about whether AI-native creative tools will erode its core franchise, a worry sharpened by the mixed signals in its latest quarterly report — record revenue and AI-first annual recurring revenue (the yearly value of subscription and AI bookings) above $650 million, but net new bookings down sharply. Its new National Hockey League partnership as official creative, marketing and AI partner, plus the Jet2 customer-experience deal, are the kind of wins bulls point to, though they have not yet shifted sentiment. Watch the next earnings report in early December for whether AI monetisation is translating into durable growth.
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