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Adobe: the cash machine AI is supposed to defend, not destroy

ADBEResearch reportPosted by Goglides ResearchMay 14, 2026
NASDAQADBECoverage BootstrapSoftware

Thesis summary

Adobe's numbers still look like a software toll road. The debate is whether Firefly, Acrobat AI, CX Enterprise, and Semrush turn AI into more toll lanes or let customers route around the booth.

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Adobe's numbers still look like a software toll road. The debate is whether Firefly, Acrobat AI, CX Enterprise, and Semrush turn AI into more toll lanes or let customers route around the booth.

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