--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40059908.md" description: "$Adobe(ADBE.US) To be honest, I've been watching this stock for over a year, and the more I look at it, the less I understand it.Adobe's core business is solid – Creative Cloud subscriptions are steady, Document Cloud has been growing consistently, and the erosion of its market share is far less severe than the market fears. The problem is, whenever AI image/video generation feeds like ChatGPT/Midjourney/Runway get hot, ADBE gets sold off in a wave. This logic itself isn't wrong, but I think the market is overpricing it. Frankly, the iteration speed of Firefly isn't particularly fast, and its commercialization isn't stunning, but its most crucial advantage is "clean copyright" – Adobe's training data comes from its own image library, so enterprise customers don't have to worry about legal risks. This value to the B2B segment is far greater than retail users realize. Many advertising agencies and design studios now, when procuring AI tools, first ask "is the data source clean?" This threshold eliminates a large number of competitors. Today, small-scale two-leg Buy Call option positions appeared for ADBE, with the same strike price across two expiration dates, which is typical institutional behavior of "watching post-earnings and betting on the medium term." It's not a huge bet but the stance is clear. In terms of price level, ADBE around $380 today has already rebounded about 20% from the previous low, but it's still discounted by nearly 35% compared to the 52-week high of $580. The valuation is around 24x, which is neutral to slightly low compared to its historical median. My view is that ADBE is a "value stock with its narrative fully priced in," not a "disrupted dinosaur." It will fluctuate with AI sentiment in the short term, but its enterprise customer stickiness provides a floor in the medium term. I won't go heavy on it, but I won't short it either. It's the kind of stock in a portfolio I'm willing to wait for slowly." datetime: "2026-04-21T09:22:29.000Z" locales: - [en](https://longbridge.com/en/topics/40059908.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40059908.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40059908.md) author: "[水天异色](https://longbridge.com/en/profiles/27514818.md)" --- # $Adobe(ADBE.US) To be honest, I've been watching … ### Related Stocks - [ADBE.US](https://longbridge.com/en/quote/ADBE.US.md)