The analysis discusses Adobe's Q3 2025 financial results, noting a revenue of $5.99 billion, a 10% year-over-year growth, and a GAAP earnings per share growth of 14%. While management sees AI as a big opportunity, the analyst regards it as a risk due to increased competition with AI-driven services. He observes ADBE stock is cheaply valued and is a buy. A fair value calculation using a discounted cash flow model estimates the stock's intrinsic value at $395.60. He likes the idea management should do more investments in its technology.