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The host expresses a bearish outlook on Adobe, perceiving it as a software company highly susceptible to AI disruption. He notes that despite the stock now trading below his initial purchase price from 2022, he is not actively buying. The core reasoning is that AI-generated content tools are rapidly improving and becoming more accessible, which is expected to reduce the total addressable market for traditional editing software like Adobe's. This technological shift poses a significant long-term risk to Adobe's business model.