Core Viewpoint - Adobe announced the discontinuation of its 25-year-old Animate animation tool, which was met with significant backlash from users, leading to a rapid reversal of the decision and highlighting the company's aggressive pivot towards AI products while neglecting user needs [1]. Group 1: Announcement and User Reaction - On February 2, Adobe declared it would shut down Animate, ceasing sales on March 1, with support for regular users until 2027 and enterprise users until 2029, without a direct replacement [1] - The decision sparked outrage among users who feared losing years of work and experience, criticizing Adobe for prioritizing AI over user needs and calling for the software to be open-sourced [1]. Group 2: Reversal of Decision - Following the user protests, Adobe quickly retracted its shutdown plan on February 4, confirming that Animate would continue to serve both new and existing users, providing technical support and security updates, but would not develop new features [1]. - This incident underscores the importance of user feedback in corporate decision-making, as Adobe's initial plan was ultimately abandoned due to the strong collective response from its user base [1].

啥，Adobe Animate被AI干没了？ 叮—— 就在今天，动画师收到一封邮件。点开一看，两眼一抹黑，差点没晕过去。 自己最常用的2D动画软件——Adobe Animate，要被Adobe关掉了。 听到这个消息，许多人第一反应是难以置信，吸了口气，再看第二眼—— 您猜怎么着？还真是官方通知。 全网直接炸锅。 最惨的莫过于刚入坑的小白：一学期的课白上了！！ 老用户则感觉像被挚友从背后捅了一刀，怒火中烧，疯狂输出Adobe。 他们打着「支持创意社区」的幌子摆摊获客，实际上一门心思都在计算ROI。 也有人早就心灰意冷，直言Adobe这些年对Animate用户的反馈一贯冷处理，如今被砍并不意外。 但问题是，Adobe为什么要突然关掉一个明明还有不少人在用的产品？ Adobe一直都以擅长毁掉优秀产品而闻名。 一切的一切，都是因为AI。 对，又是AI。 Adobe决定关停Animate 在官网发布的一份FAQ中，Adobe表示，将于3月1日，停止销售这款已有超过25年历史的2D动画软件。 过去这么多年，Animate虽有些许衰落，但仍然是不少网页动画师、游戏开发者和内容创作者的必备工具。 著名Flash游戏设计师Ty ...

Core Viewpoint - Adobe has announced the discontinuation of Adobe Animate, a 2D animation software that has been in use for over 25 years, primarily due to a shift in focus towards AI technologies [10][38]. Group 1: Announcement and User Reactions - Adobe officially notified users that sales of Adobe Animate will cease on March 1, 2026, with varying support timelines for enterprise and individual users [10][19]. - The announcement has led to widespread disbelief and frustration among users, particularly those who have invested time in learning the software [3][5]. - Many users feel abandoned, citing a lack of communication and a suitable alternative from Adobe [28][29]. Group 2: Impact on Users and Industry - Despite its decline, Adobe Animate remains essential for many web animators, game developers, and content creators, with some users stating it is irreplaceable [11][13]. - The transition to alternative software, such as Toon Boom, is complicated by high migration costs and the need to relearn workflows [16][17]. - Users express concerns that Adobe's decision will negatively impact their work quality and existing projects [12][46]. Group 3: Adobe's Strategic Shift - Adobe's rationale for discontinuing Animate centers around the advancement of technology and a strategic pivot towards AI-driven tools [37][38]. - The company has been focusing on integrating AI features across its applications, which has led to the neglect of Animate [39][41]. - Critics argue that the decision to shut down Animate reflects a broader trend of prioritizing new technologies over established products, even when those products still have a dedicated user base [44][46]. Group 4: Historical Context and Legacy - Adobe Animate, originally launched as FutureSplash Animator in 1996, played a significant role in transforming the internet by enabling rich multimedia content [48][50]. - At its peak, Flash Player was installed on over 98% of computers, making it a cornerstone of web animation and independent game development [52][54]. - Despite its historical significance, Animate has struggled to adapt to modern demands, leading to its eventual phase-out [62][67].

Core Insights - The article emphasizes the importance of powerful desktop computers for creative professionals, highlighting the growing preference for systems equipped with Intel's 13th and 14th generation Core i5 processors due to their excellent multi-core performance and platform compatibility [1][5][9] Group 1: Product Highlights - Dell's Vostro 3030S 2024 model, priced at 3699 yuan, features an i5-14400 processor with 10 cores and 16 threads, reaching a maximum turbo frequency of 4.7GHz, making it a cost-effective choice for entry-level creators [6][7] - Lenovo's GeekPro with an i5-14400F processor, priced at 6899 yuan, is designed for graphic-intensive tasks, equipped with an RTX 3050 GPU, enhancing rendering and video export capabilities [2][7] - HP's Pro Tower 288 G9 E, priced at 6299 yuan, is marketed for business use but offers superior performance with an i7-14700 processor and RTX 4060 GPU, suitable for high-load tasks [2][8] - Lenovo's Yangtian M4000q, priced at 4399 yuan, features an i5-10400 processor and is suitable for basic design tasks, offering practical value despite being based on an older platform [4][8] - Dell's Pro Tower QCT1250, priced at 3500 yuan, supports DDR5 memory and offers significant upgrade potential, making it ideal for compact workspaces [4][9] Group 2: Market Positioning - The five featured Core i5 desktop models range from 3500 to 7000 yuan, catering to various needs from budget-conscious users to those requiring enhanced graphics performance [5][9] - All highlighted models share common traits of strong stability, comprehensive connectivity, and support for long-term use, effectively serving the creative process [5][9]

Core Viewpoint - Both Adobe and Salesforce have lost favor on Wall Street, yet their fundamentals continue to strengthen, presenting a dilemma: they could either be the most attractive stocks in the software sector or companies in decline whose downturn has not yet reflected in financial data [1]. Adobe Financial Performance - Adobe is set to release its Q4 FY2025 earnings report on December 10, which will provide insights into its performance for the fiscal year and expectations for the next fiscal year [3]. - The company's success over the past decade is attributed to its transition to a subscription-based business model, with nearly 97% of revenue coming from subscriptions. The revenue breakdown includes approximately 74% from digital media, 25% from digital experience, and 1% from publishing and advertising [4]. - For FY2024, Adobe's revenue target is set at no less than $23.65 billion, with expectations of quarterly revenue surpassing $6 billion for the first time [4][7]. - The projected net profit margin for the current fiscal year is expected to exceed 30%, with earnings per share (EPS) estimated between $16.53 and $16.58, leading to a trailing P/E ratio of approximately 20.5 [4][7]. Revenue Guidance and Growth - Adobe's revenue guidance has been consistently raised throughout the year, with the latest targets exceeding earlier projections made in March [8]. - Over the past decade, Adobe's core financial metrics have shown steady improvement, with no signs of adverse impacts from AI on its business. The average annual revenue growth rate for its products from 2021 to 2024 is projected to be no less than 12%, with Document Cloud experiencing a compound annual growth rate of 23% [8]. AI Integration and Market Perception - Concerns about AI disrupting Adobe's business model may be overstated, as the management has emphasized that AI presents significant growth opportunities [10]. - Adobe's professional user base requires high-quality tools, and while AI can enhance content production efficiency, it also increases the demand for post-processing, which could drive growth for Adobe [10][11]. - The integration of AI into Adobe's core products, such as Photoshop and Illustrator, is being executed through Adobe Firefly, which uses authorized datasets to mitigate legal risks [11]. - The adoption of AI features has led to a 70% penetration rate among eligible customers using Adobe Experience Platform's AI assistant, indicating that AI is becoming a growth driver rather than a threat [13][14]. Valuation and Stock Buyback - Adobe's current P/E ratio stands at 20, with a forward PEG ratio of 1.16, suggesting it is undervalued compared to typical tech valuations. The forward EV/EBITDA ratio is 12.4, and the forward P/FCF ratio is 15.34 [14]. - If Adobe maintains a 12% net profit growth rate, its forward P/E could drop to 14.9 by 2026, indicating a valuation more typical of industrial companies despite its tech-level profitability [15]. - The company has been actively repurchasing shares, with a total buyback of nearly $12 billion over the past four quarters, reflecting confidence in its undervalued stock [15][16]. Investment Outlook - Analysts view Adobe as an attractive investment opportunity, likely to yield substantial returns in the coming years, as the divergence between market narratives and the company's fundamentals becomes more pronounced [18]. - A comparison is drawn to Google's previous undervaluation, suggesting a similar turnaround could occur for Adobe by 2026 [19].

Core Viewpoint - Adobe's stock is experiencing significant downward pressure, with a year-to-date decline of approximately 27%, raising concerns about its future in the AI landscape despite strong earnings and cash flow [2][8]. Company Overview - Adobe has transitioned from traditional software licensing to a software as a service (SaaS) model, becoming a pioneer in this space [4]. - The company has successfully bundled its applications into a subscription package known as Creative Cloud, which has become a standard in various sectors [5]. Financial Performance - Adobe has achieved all-time-high earnings and free cash flow (FCF), yet its stock price has decreased over the last five years [8]. - The stock is currently trading at 20.4 times earnings and 14 times forward earnings, making it the cheapest it has been in over a decade, significantly below the S&P 500's forward price-to-earnings ratio of 23.6 [14]. Market Sentiment - Investor sentiment is currently negative, focusing on concerns about Adobe's leadership in AI and the potential erosion of its competitive advantages due to generative AI tools [9][10]. - The stock's decline mirrors past sell-offs of companies like Apple and Alphabet, which later rebounded after proving their critics wrong [11][12]. Future Outlook - If Adobe can effectively implement and monetize AI tools, it could lead to a recovery in its stock price, despite potential subscriber losses [13]. - The company has been actively buying back shares, reducing its share count by 12.4% over the last five years, which supports its stock price [15]. - Adobe's balance sheet remains strong, with only $260 million in long-term debt net of cash and equivalents [16]. Earnings Report Expectations - Adobe is set to report earnings on December 10, and investors are advised to look for concrete evidence of how the company is monetizing AI rather than just optimistic statements from management [20].

Financial Data and Key Metrics Changes - Adobe achieved record revenue of $5.99 billion in Q3 FY25, representing a 10% year-over-year growth [4][29] - GAAP earnings per share for the quarter was $4.18, and non-GAAP earnings per share was $5.31, reflecting 11% and 14% year-over-year growth respectively [29] - Cash flows from operations reached a record $2.20 billion for Q3 [30] - Remaining performance obligations were $20.44 billion, growing 13% year-over-year [30] Business Line Data and Key Metrics Changes - Digital Media revenue was $4.46 billion, growing 11% year-over-year, with ending ARR of $18.59 billion, up 11.7% year-over-year [11][30] - Digital Experience revenue was $1.48 billion, with subscription revenue of $1.37 billion, representing 11% year-over-year growth [22][33] - AI-influenced ARR surpassed $5 billion, with significant contributions from Firefly, Acrobat AI Assistant, and Gen Studio for Performance Marketing [10][29] Market Data and Key Metrics Changes - The adoption of Adobe Experience Platform AI Assistant reached 70% among eligible customers [8][27] - Monthly active users of Acrobat and Express grew approximately 25% year-over-year [31] - Over 14,000 organizations added Express in Q3, a 4x increase compared to the previous year [15] Company Strategy and Development Direction - Adobe's strategy focuses on integrating AI across its applications to enhance value and deliver innovative products [4][10] - The company aims to be the operating system for creative work, combining creativity and marketing solutions [7][10] - Adobe is positioned to help businesses orchestrate personalized customer experiences through its integrated platform [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Adobe's ability to deliver durable and profitable growth in an AI-first world [38][39] - The company raised its FY25 revenue and EPS targets based on strong momentum and customer adoption of AI-first products [38][39] - The shift in consumer behavior towards LLMs is seen as an opportunity for Adobe to enhance brand visibility and customer engagement [22][24] Other Important Information - Adobe's effective tax rate in Q3 was 19.0% on a GAAP basis and 18.5% on a non-GAAP basis [36] - The company entered into a share repurchase agreement totaling $2.50 billion, with $8.40 billion remaining of its $25 billion authorization [37] Q&A Session Summary Question: Insights on Adobe's video manipulation technology and competitive risks from advertising platforms - Management highlighted the integration of third-party models like Nano Banana into Adobe's applications, emphasizing the unique workflow and control Adobe provides [44][45] - Concerns about competition from advertising platforms were addressed, noting that larger enterprises prefer Adobe for multi-channel campaign management [48][49] Question: Drivers of success in AI-first products - Management noted strong adoption across various AI-first products, including Firefly and Acrobat AI Assistant, contributing to exceeding the $250 million ARR target [52][54] Question: Mix of AI credit usage and internal impact of LLM Optimizer - The majority of AI generation continues to come from Firefly, with increasing usage of third-party models for ideation [58][59] - The LLM Optimizer was tested internally, leading to increased visibility for Adobe's products through LLMs [60][61] Question: Pricing strategy and performance expectations - Management reported strong adoption of Creative Cloud Pro and Firefly, indicating healthy migration and overall strength across the creative business [64][66] Question: Future growth prospects and adaptation to LLMs - Management expressed confidence in the growth of digital media ARR, driven by strong adoption of AI-first products and integrated solutions [68][70]

Financial Data and Key Metrics Changes - Adobe achieved record revenue of $5.99 billion in Q3 FY25, representing a 10% year-over-year growth [5][30] - GAAP earnings per share for the quarter was $4.18, and non-GAAP earnings per share was $5.31, reflecting 14% year-over-year growth [5][30] - AI-influenced ARR surpassed $5 billion, up from over $3.5 billion exiting FY24 [11][30] - Cash flows from operations reached a record $2.20 billion for Q3 [31][37] - Remaining performance obligations were $20.44 billion, growing 13% year-over-year [31][37] Business Line Data and Key Metrics Changes - Digital Media revenue was $4.46 billion, growing 11% year-over-year, with ending ARR of $18.59 billion, up 11.7% year-over-year [12][31] - Digital Experience revenue was $1.48 billion, with subscription revenue of $1.37 billion, representing 11% year-over-year growth [23][34] - Acrobat and Express products saw combined monthly active users grow approximately 25% year-over-year [11][32] - Workfront, Frame, AEM Assets, Firefly Services, and Gen Studio for Performance Marketing products exceeded $1 billion in ARR, growing over 25% year-over-year [9][37] Market Data and Key Metrics Changes - Strong adoption of Adobe Experience Platform AI Assistant, with 70% of eligible customers leveraging this functionality [9][28] - LLM traffic grew 4,700% year-over-year in July 2025, indicating a significant shift in consumer behavior [23][24] - Digital Experience subscription revenue grew over 40% year-over-year [28] Company Strategy and Development Direction - Adobe's strategy focuses on infusing AI across its applications to enhance value and deliver innovative products [5][10] - The company aims to provide an integrated customer experience platform that combines creativity and marketing [10][25] - Adobe is positioned to capitalize on the growing demand for hyper-personalized experiences and marketing automation [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Adobe's ability to deliver durable and profitable growth, driven by product leadership and customer-centric innovation [39][40] - The company raised its FY25 revenue and EPS targets based on strong momentum and execution [39][40] - Management highlighted the importance of adapting to changes in consumer behavior driven by AI and LLMs [24][79] Other Important Information - Adobe entered into a share repurchase agreement totaling $2.50 billion, with $8.40 billion remaining of its $25 billion authorization [37][38] - The company plans to showcase innovations at Adobe Max, focusing on productivity features and AI capabilities [22][42] Q&A Session Summary Question: Insights on the Adobe Magic demo and its value proposition - Management highlighted the integration of third-party models like Nano Banana into Adobe's applications, emphasizing the unique workflow and control Adobe provides [44][46][49] Question: Concerns about competition from advertising platforms - Management noted that larger enterprises prefer Adobe for multi-channel campaign management and attribution, indicating a strong competitive position [45][51] Question: Drivers of AI-first product growth - Management indicated that strong adoption across various AI-first products, including Firefly and Acrobat AI Assistant, contributed to exceeding the $250 million ARR target [54][56] Question: Mix of AI credit usage between Firefly and third-party models - Management confirmed that the majority of generation continues to be from Firefly, with a growing interest in third-party models for ideation and editing [59][62] Question: Impact of LLM Optimizer on internal operations - Management shared that LLM Optimizer was tested internally, leading to increased visibility for Acrobat through LLMs [63][64] Question: Pricing strategy and performance - Management reported strong adoption of Creative Cloud Pro and Firefly Services, indicating healthy migration and overall strength across the creative business [68][70] Question: Future growth confidence and AI adoption - Management expressed confidence in the growth of digital media ARR, driven by strong adoption of AI-first products and integrated solutions [72][74]

Financial Data and Key Metrics Changes - Adobe achieved record revenue of $5.99 billion in Q3 FY25, representing a 10% year-over-year growth [4] - GAAP earnings per share for the quarter was $4.18, and non-GAAP earnings per share was $5.31, reflecting 14% year-over-year growth [4][29] - Cash flows from operations reached a record $2.20 billion for Q3 [30] - Remaining performance obligations were $20.44 billion, growing 13% year-over-year [30] Business Line Data and Key Metrics Changes - Digital Media revenue was $4.46 billion, growing 11% year-over-year, with ending ARR of $18.59 billion, up 11.7% year-over-year [11][30] - Digital Experience revenue reached $1.48 billion, with subscription revenue of $1.37 billion, representing 11% year-over-year growth [22][33] - AI-influenced ARR surpassed $5 billion, with significant contributions from Firefly, Acrobat AI Assistant, and Gen Studio for Performance Marketing [10][30] Market Data and Key Metrics Changes - The adoption of Adobe Experience Platform AI Assistant saw 70% of eligible customers leveraging this functionality [8] - The education sector showed robust performance, driven by access to Express, Acrobat AI Assistant, and Firefly for students [31] - Strong demand for Adobe Experience Platform and native apps, with Q3 subscription revenue growing over 40% year-over-year [27] Company Strategy and Development Direction - Adobe's strategy focuses on integrating AI across its applications to enhance value and deliver innovative products [4][10] - The company aims to provide a comprehensive solution for digital marketing and customer experience, leveraging AI to transform consumer engagement [22][24] - Adobe is positioned to help businesses orchestrate personalized customer experiences through its integrated platform [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Adobe's ability to grow digital media ARR at double digits for the foreseeable future [70] - The company raised its FY25 revenue and EPS targets based on strong execution and customer adoption of AI-first products [38] - Management highlighted the importance of maintaining direct consumer relationships in the evolving digital landscape [75] Other Important Information - Adobe's effective tax rate in Q3 was 19.0% on a GAAP basis and 18.5% on a non-GAAP basis [36] - The company entered into a share repurchase agreement totaling $2.50 billion, with $8.40 billion remaining of its $25 billion authorization [37] Q&A Session Summary Question: Insights on the video demo and Adobe's value proposition - Management highlighted the integration of third-party models like Nano Banana into Adobe's infrastructure, emphasizing the unique workflow capabilities [45][46] Question: Concerns about competition from advertising platforms - Management noted that larger enterprises prefer Adobe for multi-channel campaign management, which mitigates risks from single-channel marketers [50] Question: Drivers of AI-first product growth - Management indicated that strong adoption across various AI-first products contributed to exceeding the $250 million ARR target [54][55] Question: Mix of AI credit usage between Firefly and third-party models - Management confirmed that Firefly remains the primary model used, with increasing integration of third-party models for ideation and editing [60] Question: Impact of LLM Optimizer on internal operations - Management shared that LLM Optimizer was tested internally, enhancing visibility and traffic through improved content accessibility [61][62] Question: Pricing strategy and performance - Management reported strong adoption of Creative Cloud Pro and Firefly services, contributing to overall growth [66] Question: Future growth confidence and market positioning - Management expressed confidence in the creative opportunity and the differentiated solutions offered by Adobe [70][71]

Core Viewpoint - The article discusses Elon Musk's new company named "MacroHard," which is a direct challenge to Microsoft, highlighting the rivalry between Musk and Bill Gates in the tech industry [1][4][5]. Company Overview - "MacroHard" has officially applied for a trademark on August 1, with an application fee of $2,300, indicating serious intentions behind the name [4]. - The company aims to focus on developing AI agents for programming and image/video generation, potentially revolutionizing these sectors [13][14]. Business Strategy - In programming, "MacroHard" plans to create a new ecosystem where AI agents can generate high-quality code based on user requirements, significantly improving efficiency and reducing costs [13]. - For image and video generation, the company intends to develop AI agents capable of creating realistic and high-quality content, which could transform industries like film and advertising by shortening production times and lowering costs [14]. Competitive Landscape - "MacroHard" will face competition not only from Microsoft but also from established players like JetBrains in programming tools and Adobe in image/video processing [15]. - The potential capabilities of "MacroHard" could disrupt the current market dynamics, prompting competitors to enhance their offerings [15]. Future Outlook - The establishment of "MacroHard" injects excitement into the tech industry, with expectations for innovative developments that could reshape the landscape [16]. - The ongoing rivalry between Musk and Gates is anticipated to intensify, with both figures representing different approaches to technology and business [18].