Huat99
01-03
$Adobe(ADBE)$ Is Adobe hiding a growth ceiling? šŸ“‰
The data points to a "Good Business, Dangerous Narrative."
The timeline from defensive M&A to "KPI Cloaking" is revealing:
šŸ° Phase 1 (2023): Defensive moat building (Figma attempt).
ā›“ļø Phase 2 (2024): The "Regulatory Reset." Figma deal breaks; $1B fee paid.
šŸŒ‰ Phase 3 (2025): Monetization bridge. Hype peaks as growth stabilizes at ~11%.
šŸŽ­ Phase 4 (2026): "KPI Cloaking." New segment reporting masks unit deceleration.
Are we fooled by the "record" narrative?
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