Sell ADBE by Sep 14, 2026.

I used to think ADBE was the baby thrown out in the SaaSpocylypse narrative bathwater, although I think the market is actually being prescient here (like, in newspaper industry). Although it's had 6 consecutive beat and raise quarters, there are clear cracks showing it's foundation. 1. Operating and FCF margins starting to compress - Freemium costs are adding up, and they say they are strategically delaying monteziation, although I think it shows they have no pricing power. In the Freemium …