AI热潮中遭冷遇！Adobe(ADBE.US)CEO称股价被严重低估

Core Viewpoint - The market is undervaluing Adobe due to an overemphasis on chips and AI training infrastructure, with a misinterpretation of the software industry's profitability and growth prospects [1][4]. Group 1: Market Perception - Adobe's CEO stated that the current market misunderstanding is particularly evident when examining the company's profitability and growth outlook [1]. - The company's market capitalization has decreased by approximately 20% this year, driven by investor concerns over competition from companies like Canva that are leveraging AI advancements more effectively [4]. Group 2: AI Strategy and Innovations - Adobe has launched an updated version of its image generation model, Firefly, which ensures safe commercial applications by avoiding intellectual property infringements [4]. - The new Firefly model supports automatic photo editing through natural language commands and allows users to integrate third-party models from OpenAI, Google, and ElevenLabs into flagship applications like Photoshop [4]. - Adobe's AI strategy focuses on deeply integrating AI into industry-standard applications, exemplified by features like intelligent element replacement and expansion in Photoshop [4]. Group 3: Financial Outlook and Stock Buyback - The company has generated over 29 billion pieces of digital content using its AI models as of September [4]. - Despite Wall Street's recognition of Adobe's AI innovation capabilities, investors are more focused on commercial returns, with the company expressing confidence in long-term stock performance [7]. - Adobe has initiated a stock buyback program of nearly $9 billion, based on the belief that its current value is significantly undervalued [7].