Core Viewpoint - The current stock market is at all-time highs, leading to cautious investor sentiment, but there are still excellent investment opportunities, particularly in Alphabet and Adobe, which are undervalued compared to historical averages [1][2]. Group 1: Company Overview - Alphabet, the parent company of Google, dominates the search engine market, while Adobe is known for its industry-standard graphics design tools [4]. - Both companies face challenges from generative AI, which has the potential to disrupt their primary markets [4][5]. Group 2: Market Position and Performance - Despite concerns, Alphabet's Google Search revenue increased by 10% year-over-year in Q1, indicating its strong market position [7]. - Adobe has introduced its own generative AI product, Firefly, which integrates with its existing tools and has formed partnerships with major players in the generative AI space, positioning it as a leader in the industry [8][9]. Group 3: Valuation and Investment Opportunity - Both Alphabet and Adobe trade at mid-18 times forward earnings, significantly lower than the S&P 500's 23.2 times forward earnings, representing a substantial discount compared to other big tech companies [11][13]. - The potential for both companies to grow earnings at an above-market-average pace, combined with their current lower valuations, makes them attractive investment opportunities [14].