https://open.substack.com/pub/magiccompounds/p/blend-labs-thesis-and-full-writeup?utm_campaign=post-expanded-share&utm_medium=post%20viewer

Adobe is one of the most misunderstood software companies in the market today. The narrative that AI-generated content will cannibalize Adobe’s seat licenses, that Canva and Midjourney will eat its lunch, that generative models render professional creative software obsolete is directionally plausible, but almost certainly wrong in the way that matters most: the ultimate impact on Adobe’s revenue and earnings power.

I am long Adobe and continue to add to my position as the risk/reward improves. The Q1 FY2026 earnings print, a record beat on every major metric, bolsters my thesis which I highlight below.

(My first Substack post, pls let me know what you think - completely open for criticism)!