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].

来源：环球网 【环球网科技综合报道】2月3日消息，据The Verge报道，Adobe将于2026年3月1日停止开发其经典2D 动画软件Animate，并计划在2027年3月1日（企业客户至2029年3月1日）彻底关闭文件访问权限。 据悉，Animate（前身为Flash Professional）自1996年推出以来，曾主导互联网动画时代，并成为全球动 画教育、独立游戏开发和短视频内容创作的核心工具。Adobe在声明中承认，Animate"在构建动画生态 系统中发挥了关键作用"，但声称"技术进步催生了更符合用户需求的新平台"。 然而，Adobe未能提供直接替代产品，仅建议用户通过其他Creative Cloud工具"部分实现功能"。 Adobe的决策与其激进的AI战略直接相关。近年来，该公司推出了Firefly AI订阅服务，生成图像/视频 功能。此外，为企业客户定制生成式AI模型，并将AI集成至Photoshop、Express等核心产品。财报显 示，Adobe AI相关收入占比已超30%，但其代价是牺牲传统工具线。此前，该公司已停更Flash Player、 淘汰传统型设计软件，此次Animate的退出 ...

Core Insights - The rise of AI poses significant challenges for software companies, particularly those in the SaaS sector, which have been slow to adapt to AI advancements [1][2] - While some companies may struggle, others are positioned to embrace AI and reinvent themselves, which is crucial for maintaining relevance in a rapidly changing market [2][3] Company-Specific Analysis - Adobe has experienced a substantial decline in stock value, dropping nearly 55% from its all-time highs, with a current P/E ratio of 18.2, a level not seen in the past four years [5][6] - Despite Adobe's efforts to integrate AI into its products, investor confidence is waning due to the emergence of AI-native competitors that threaten its market position [6][7] - Recent downgrades from analysts at Oppenheimer and Jefferies highlight a challenging operating environment for Adobe, with concerns over decelerating top-line growth amid the AI transition [8] - Adobe's stock is trading at historically low multiples, suggesting potential undervaluation, but the company must demonstrate its ability to adapt to AI disruptions to regain investor confidence [9]

Core Viewpoint - Investing in artificial intelligence (AI) remains a leading theme in the market, with significant upside potential for both facilitators and deployers of AI technology [1] Facilitators - Facilitators are companies that produce the hardware necessary for AI development, with Nvidia being the most prominent player due to its widely used graphics processing units (GPUs) [4] - Advanced Micro Devices (AMD) is a competitor in the GPU space, showing strong growth despite not having the same market dominance as Nvidia [4] - Broadcom is developing custom AI accelerators known as XPUs, which are designed for specific workloads and can outperform GPUs in certain tasks [5] - Taiwan Semiconductor Manufacturing Company (TSMC) is the leading contract chipmaker for AI chips, projecting a 45% compound annual growth rate in AI-related revenue over the next five years [6] - ASML Holding, the sole manufacturer of extreme ultraviolet (EUV) lithography machines, is expected to benefit from increased chip demand as AI technology grows [7] - The facilitators are currently experiencing significant financial benefits from AI investments, outperforming deployers in terms of immediate results [8] Deployers - Deployers are companies that are integrating AI into their products, with major players including Alphabet, Amazon, and Meta Platforms, all investing billions to enhance their AI capabilities [9] - Alphabet and Amazon also operate large cloud computing businesses, providing essential computing resources for AI development [10] - Although these deployers are heavily investing in AI, they are only beginning to see incremental improvements in their financials, with potential for significant growth as AI enhances workforce efficiency [11] - Other notable companies integrating AI into their products include SentinelOne, which offers AI-driven cybersecurity solutions, and Adobe, which has embraced generative AI trends [12] - Adobe has continued to grow earnings despite concerns about disruption from generative AI, while SentinelOne reported a 23% revenue increase in the first quarter, highlighting its strong performance in cybersecurity [13] - The deployers are expected to experience substantial growth in the coming years as their AI investments mature [14]

Core Viewpoint - The artificial intelligence (AI) arms race is expected to disrupt some companies while benefiting others, with Adobe positioned to thrive rather than be replaced by AI [1] Group 1: Adobe's Market Position - Adobe has maintained its market position against generative AI, embracing it with the launch of Firefly AI, which has significantly increased its subscriber base by 30% quarter over quarter [3] - The company's suite of digital media design products remains the industry standard, indicating strong global demand [3] Group 2: Financial Performance - In fiscal Q2 2025, Adobe's revenue increased by 11% year over year, while earnings per share rose by 13%, from $3.50 to $3.95, outperforming the broader market's long-term average return rate of 10% [4] - Analysts project Adobe will achieve 9.5% revenue growth and 12.5% earnings-per-share growth in fiscal 2026, indicating steady growth potential [8] Group 3: Valuation and Investment Opportunity - Adobe's stock is currently trading at a low valuation of 18.4 times forward earnings, compared to the S&P 500's average of 22.9, suggesting it is undervalued [6] - The company generates substantial cash flow, allowing for share repurchases, making it an attractive buy-and-hold investment for those seeking steady growth rather than explosive returns [9] Group 4: Future Outlook - Adobe is expected to incrementally outgrow the market each year, making it a suitable investment for those looking to balance higher-risk stocks in their portfolio [5][8] - The potential risk of losing market share to a digital media startup exists, but currently, Adobe is not facing this threat, reinforcing its status as a strong investment [10]

Core Viewpoint - The article highlights that despite the general perception of AI stocks being expensive, there are still undervalued stocks in the AI sector, specifically Alphabet and Adobe, which present strong buying opportunities at current prices [1]. Group 1: Stock Valuation - Both Alphabet and Adobe are considered "dirt cheap" as they are trading below the S&P 500's forward price-to-earnings (P/E) ratio of 22.1 [3]. - These stocks have rarely been this cheap historically, indicating a potential buying opportunity for investors [5]. Group 2: Earnings Growth Potential - Both companies are projected to achieve earnings per share (EPS) growth that exceeds the typical 10% growth rate of the S&P 500 over the next two years, with Alphabet expected to grow EPS by 19% in 2025 and 6% in 2026, while Adobe is projected to grow by 11% in 2025 and 12% in 2026 [6][7]. - The article suggests that analyst projections may underestimate growth due to significant stock buyback plans from both companies, which could enhance EPS by reducing the share count [7]. Group 3: Market Perception and Risks - The market perceives both companies as vulnerable to disruption from AI trends, particularly Alphabet's Google Search and Adobe's graphic design software [8][9]. - Despite concerns about generative AI potentially making Adobe's software obsolete, the company has introduced Firefly AI, which enhances user capabilities and maintains creative control, suggesting that Adobe's products remain relevant [10]. - Both companies are expected to face occasional challenges from generative AI, but their solid business fundamentals and low stock prices indicate strong potential for long-term returns [11].

Core Viewpoint - The article discusses three stocks—Taiwan Semiconductor Manufacturing (TSM), Alphabet, and Adobe—that are currently undervalued compared to the broader market, suggesting they present strong buying opportunities despite recent sell-offs [2][5][11]. Valuation Comparison - All three stocks have lower forward price-to-earnings (P/E) ratios than the S&P 500, which is currently trading at 21 times forward earnings, while none of the three exceeds 20 [3][4]. - The market's slight premium on the S&P 500 indicates expectations of slower growth for these companies, which the article argues is a misconception [5]. Company-Specific Insights - **Taiwan Semiconductor Manufacturing (TSM)**: Expected to grow revenue at nearly 20% compound annual growth rate over the next five years, significantly outpacing the market's typical 10% growth [6][7]. - **Alphabet**: Anticipated to achieve 11% revenue growth in 2025 and 2026, with earnings per share (EPS) growth projected at 12% and 14% for the same years, respectively [8]. - **Adobe**: Despite being perceived as vulnerable to AI disruption, it reported a 10% year-over-year revenue increase in its fiscal 2025's first quarter. The company is also executing an aggressive buyback program, repurchasing 7 million shares, which could enhance EPS growth [9][10]. Investment Opportunity - The article concludes that while these companies may not be the fastest-growing stocks, they have strong potential to outperform the market, making them attractive value plays at their current prices [11].