Stock Track | Adobe Plummets 5% Intraday Amid Broader Software Sell-Off on AI Spending Concerns

Stock Track01-29

Adobe's stock price plummeted 5% during intraday trading on Thursday, reflecting a sharp decline for the software giant.

The drop occurred as part of a broader sell-off in software stocks. Investors reacted negatively to Microsoft's quarterly results, where its cloud revenue failed to impress, stoking fears that heavy investments in artificial intelligence are not translating into monetization quickly enough. Additionally, cautious cloud outlooks from other enterprise software firms like SAP and a significant post-earnings slide from ServiceNow deepened concerns that traditional software companies are losing ground to rising competition from AI-focused players.

This sector-wide pressure led to notable declines for several software and cloud companies, with Adobe among those affected as markets digested the implications of continued high AI spending across the tech industry.

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