(Bloomberg/Brody Ford) — Adobe Inc. brought together 10,000 marketers, filmmakers and content creators to its annual conference this week to persuade them that the company’s software products are adapting to artificial intelligence and remain the best tools for their work.

But it’s Adobe’s investors, rather than its users, who are the most skeptical that generative AI technology won’t disrupt the company’s business as the top seller of software for creative professionals.

Despite a strong strategy, Adobe is “at risk of structural AI-driven competitive and pricing pressure,” wrote Tyler Radke, an analyst at Citigroup.

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