To be realistic, although Adobe is a profitable old-school software company, its growth in the past two years has not been as strong as before. Revenue growth is roughly in the single digits, a far cry from the 20%+ era. With increasingly fierce competition in AI—not just from Microsoft and Google but also from many startups entering content generation and AI design tools—Adobe's high valuation is under pressure. Some even list it among "stocks that may suffer in the AI era."