"The advantage of the CXO segment is that artificial intelligence acts as a tailwind rather than a disruptive threat. Management noted that over 2,500 highly specific custom AI models have been created by enterprise clients since the launch of the service.

Once a multinational corporation like Coca-Cola or IBM builds its marketing automation around a custom-trained Adobe AI model, the likelihood of them churning to a cheaper upstart competitor drops to near zero due to the operational risk and cost of migration. This enterprise inertia is Adobe’s truest defense against disruption."