What investors are saying about Adobe (ADBE)

Summary

In the past 30 days, 3 people on 3 investor and market shows discussed Adobe (ADBE) in 5 views. Going by each speaker's latest call, 2 are bearish and 1 is bullish. Chorus has followed Adobe since October 12, 2026.

Who talks about it most

• Steve Eisman · 2
• Jim Lebenthal · 2
• Tal Liani · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• Steve Eisman · The Real Eisman PlaybookBearish

  Adobe is especially vulnerable to AI disruption, lacking a moat; shares already down about 60%.

  The SaaSpocalypse argument is that AI collapses the cost of creating software. Eisman says the narrative is too simple, since embedded enterprise software with prohibitive switching costs holds up. Many software companies lack that kind of moat, and Adobe is the example. Adobe hit a high of $630 in February 2024 and is now down about 60%. An engineer has also released a free open-source alternative to Adobe's Creative Cloud. Eisman says he does not know how good it is, but 'free is free'.

  “However, many software companies do not have that kind of moat. Take Adobe for example. The perception is that Adobe is particularly vulnerable to AI.”at 15:38

  The Real Eisman Playbook: Big Short Investor Explains How the AI Bubble Could Burst · November 9, 2026

• Steve Eisman · The Real Eisman PlaybookBearish

  Adobe is highly vulnerable to AI, with free open-source rivals and a stock down about 60%.

  Adobe hit an all-time high of $630 in February 2024 and now trades around [$245], a decline of about 60%. Steve says the market perceives Adobe as particularly vulnerable to AI, and that this threat is real: a software engineer built and released a free open-source alternative to Adobe's Creative Cloud Suite. Steve does not know how good the alternative is, but notes that free is free. Adobe lacks the switching-cost moat he sees at ServiceNow and Salesforce.

  “The threat to Adobe is not just idle speculation. Recently, it was announced that software engineer Brandon Thomas has built and released an open source free alternative to Adobe's Creative Cloud Suite.”at 15:00

  The Real Eisman Playbook: Big Short Investor Explains How the AI Bubble Could Burst · November 9, 2026

• Jim Lebenthal · Cerity PartnersUncertain

  Adobe is range-bound; he will decide after December 9 earnings, possibly taking a tax-loss harvest.

  Lebenthal owns Adobe, which has traded around $250 plus or minus $25 since the first-quarter software sell-off and recently set a higher low. He will report on December 9 and then decide. He is giving it one more shot to see if the market rewards good earnings. Otherwise he may use the position as a tax-loss harvest, because it is a loss in an otherwise good portfolio where he has realized gains this year.

  “They're gonna report earnings December 9. After that, I'm gonna make a decision, and I may well use this as a tax loss harvest because as I said, it's a wealth in an otherwise very good portfolio”at 44:26

  CNBC Halftime Report: The Investment Committee Prepares for a Pivotal Week 10/26/26 · October 26, 2026

• Tal Liani · BofA SecuritiesBearish

  Adobe sees AI as a major headwind rather than a tailwind.

  Liani sorts software companies into those where AI is a tailwind and those where it is a headwind. He puts Adobe in the headwind group, in contrast to Salesforce and ServiceNow, which he sees using AI for growth. This is the basis for his double upgrade of Salesforce alongside a negative view of Adobe. The argument is qualitative and does not include a specific estimate.

  “In my view, companies like Adobe [are] seeing AI as a major headwind, while companies like Salesforce and ServiceNow are using, could be using AI as a tailwind for growth.”at 13:27

  CNBC Closing Bell: Closing Bell Overtime: Four-Year Anniversary of the Bull 10/12/26 · October 12, 2026

• Jim Lebenthal · Cerity PartnersBullish

  Adobe is attractive at nine times forward earnings; the feared AI threat has not materialized.

  Wells Fargo worries that AI competition will show up in results and cut IT budgets, which is why the stock trades at nine times forward earnings. But ChatGPT is nearly four years old and the threat has been there the whole time. Sales are up about 50% and EPS about 80% over four years, revenue growth is slowing to about 11%, the share count is down 7% in nine months, and the company has no debt.

  “I just have to point out that we're now approaching the fourth year anniversary of ChatGPT. This threat has been out there the whole time. ... It simply hasn't happened in four years, and I find it attractive at this price.”at 27:35

  CNBC Halftime Report: High Bar for Q3 Earnings? The Investment Committee Debates 10/12/26 · October 12, 2026