Adobe Inc. ADBE

Adobe is still the default toolkit for the world’s creatives and a rising force in enterprise marketing, pumping out fat cash flows on a subscription engine that hardly sputters. Firefly and GenStudio add an exciting AI turbo-charger, while a net-cash balance sheet gives management room to manoeuvre. The main buzz-kills are regulatory nagging over subscription cancellations and a swarm of cheap AI rivals. At today’s price the market is basically saying, “Show me mid-single-digit growth and no disasters.” If you believe Adobe’s AI bets will add an extra gear, the payoff could be sweeter; if you think Canva-style disruption wins, there’s 40% downside. Choose your own adventure.