Travis Hoium

One of the reasons this caught my eye this week was one of the big AI labs said that they were adopting Workday.

So even the big AI labs aren't building a Workday to replace Workday.

Lou, is that saying something to you?

By the way, what they're doing is really, you can't make mistakes.

It's not easy.

One of the companies that I'm intrigued by and may actually fall in the value stock category at this price is Adobe.

Shares are down 62% from their high.

Then the valuation numbers are just getting kind of crazy.

Enterprise value to sales is four, but they're actually a really high margin business.

Price earnings multiple on a trailing basis is 15.

That's cheaper than the market overall.

But on a forward basis, that PE multiple is just 11%.

Jason, is this a falling knife and this is, hey, this is a disruption happening and we're going to watch this stock grind lower for the next decade as the business deteriorates?

Or are we getting this all wrong and professionals are going to continue using Adobe a decade or two from now?

Their operating margins have not really felt a pinch since 2018.

The operating margin is up from 31.5% to 36.6%.

If there's pricing pressure, which is just one of the areas you would feel at first, they're not feeling it yet.

It was arguably a value stock at the beginning of the year.

Let's talk about another one that is potentially under threat, that is Intuit.

This is a company that's making