Group 1 - Oppenheimer has downgraded Adobe's rating from "Outperform" to "Market Perform" due to disappointing growth in its Digital Media business, which is expected to slow further in fiscal year 2025 [1] - The analyst Brian Schwartz noted that while Adobe has good mid-term opportunities and a low stock price, challenges during the AI transition period have led to mediocre revenue growth and concerns about the sustainability of its competitive advantages [1] - Recent downgrades from other financial institutions, including Bank of Montreal and Jefferies, reflect a broader trend of declining investor interest in software stocks amid the AI wave [1] Group 2 - Oppenheimer remains optimistic about several software companies, including Microsoft, Salesforce, ServiceNow, and Agilysys, indicating potential for better performance in the AI market [2] - Microsoft Azure is expected to perform better in the second half of fiscal year 2026 as new data center capacities expand [2] - ServiceNow and Salesforce are seen as key investments in the AI market, needing to demonstrate their value to investors through effective execution and acquisitions [2]