Adobe: Risk-Reward Opportunity, If Not Boom

Adobe is a defensive tech play today with growth optionality, offering a favorable risk-reward profile despite slowing growth and competitive pressures. Healthy margins and stable double-digit revenue growth support Adobe's fundamentals, even as its AI capabilities are less transformative than peers like Microsoft or Google. Current valuations (~17x forward PE) present a lucrative entry point, with limited downside after a significant correction from 2024 highs.