Brayden Dennis

Maybe it is trading too cheaply.

And of course that won't get rid of all their customer base.

There's gonna be enterprise customers that will just, you know, not wanna switch and that's fine.

But there's gonna be individual creators that will,

Be happy to switch to whether it's other platforms or using AI on their own codex or cloud code to be able to build something that works for them.

Sure, it may not have all the options that you have in Premiere Pro, for example, but for their use, it fulfills everything they need and it's cheaper.

Yeah.

I think it just the risk for Adobe is just over time, lower margins, slower customer growth.

You also get potentially lower pricing power because you have those other tools that available to people or AI.

I think those are the big risk.

And yeah.

Sure, it looks good.

I think they updated guidance too for 2026, did they?

Yeah.

They raised it.

So sure, it looks pretty good this year.

Might even look pretty good for 2027.

But beyond that, can anyone say with certainty that Adobe is going to be in an amazing place in 2028, 2029, 2030, 2031?

Much more quality when it comes to that.

And you can make a real case that they'll start eroding slowly on the edges and then...