Buy ADBE by Jul 4, 2036.

I've been thinking about Adobe's investment thesis, and it feels like the market has reduced the entire company to one question: "Will Adobe win AI?" But is that really the right question? What if Adobe doesn't become the #1 AI company, yet still creates tremendous shareholder value over the next decade? Here's why I think that's possible: 1. Creative Cloud is still deeply embedded in professional workflows. 2. Enterprise customers don't just buy Photoshop—they buy an ecosystem (Creative Cloud, Acrobat, …