Adobe Stock Slumps 10% as AI Competition Threatens Growth Outlook
• Adobe shares drop 10% on weak revenue outlook for current quarter • Outlook fueled concerns that AI startups pose competitive threat to Adobe • Adobe has responded by adding its Firefly AI to products like Photoshop • But demo of AI video tech by OpenAI reignited investors' competition fears • Adobe announced $25 billion share buyback program after scrapping Figma deal