This guide shows you the exact 15-minute window I trade, and how to spot the same setups the big funds are watching.
It’s yours for free.
Thomas Wood
P.S. This isn’t a 100-page novel. It’s a short, actionable guide you can read in about 10 minutes and put into action by tomorrow morning. Get it here.
Today’s editorial pick for you
Adobe Q3 Earnings Beat Expectations as AI Revenue Accelerates
The bigger change, however, is that AI-first ARR has now surpassed $650 million, up more than 150% year over year, while Adobe crossed 1 billion monthly active users and pushed Creative freemium MAUs above 100 million.
A few days ago, I went into this earnings report wondering whether all those new users could become meaningful Adobe customers. Q3 gives us a better answer than another quarter of user-growth statistics could have, but it also points me toward a different part of the company.
Wall Street is not waiting for this company to become famous.
Institutions already control 88% of its shares.
This business generates billions in operating income, controls a massive American energy footprint, and is now using Palantir’s AI technology to improve its operations.
Yet the market still values it at less than $8 billion.
Adobe Has Started Monetizing AI, But Firefly Is Only The Beginning
The cleanest evidence is Firefly, where ending ARR across the Firefly app and credit packs grew 40% sequentially, while AI-first ARR crossed $650 million. Adobe also said AI credit consumption accelerated across Creative Cloud and Firefly, with customer growth in Firefly Enterprise moving alongside that usage.
That is a meaningful change from the setup I wrote about before earnings. Back then, the concern was straightforward: Adobe could acquire millions of people through Firefly, Express and Acrobat, but a larger audience would do little for shareholders if those people never moved into paid products.
Now we have an actual monetization number attached to the AI strategy.
Still, I wouldn’t confuse rapid AI-first ARR growth with a companywide growth acceleration. Adobe’s total ARR reached $27.50 billion, but its growth rate fell to 11.2% from 12.5% in Q2, while RPO was $22.16 billion. The AI business is growing fast, but it is still a small piece of a much larger machine.
Why Enterprise Customers Could Be The Bigger AI Opportunity
Adobe already has more than 20,000 global enterprises using its products, and the company is now putting agentic AI directly into the systems those customers use to create, manage and deliver digital experiences.
In Q3, ending ARR grew more than 20% for each of Adobe Experience Manager and agentic web apps, GenStudio, and Adobe Experience Platform and apps. Adobe also doubled the number of paid customers for its Brand Visibility solutions quarter over quarter.
Then there is CX Enterprise Coworker, which became generally available in June and already has more than 1,700 customers and early adopters. The product is designed to execute marketing and customer-engagement workflows rather than simply answer prompts.
The potential economics have changed, and now, Adobe is taking AI into content production, customer data, web experiences, campaign optimization and workflow execution, areas where companies already spend heavily.
Which means that the conversation has now transcended from how Adobe could get people through its new AI-powered front door into how the company is now selling more intelligence to the enterprises already inside the building
The Old Business Is Still Paying For The New One
There is a temptation to frame this as Adobe desperately reinventing itself because AI has put Creative Cloud under pressure. But the Q3 numbers don’t support that interpretation.
Business Professionals & Consumers subscription revenue grew 16% to $1.91 billion, while Creative & Marketing Professionals subscription revenue rose 13% to $4.65 billion. Total customer-group subscription revenue reached $6.56 billion, up 14%.
Adobe is therefore attempting something more attractive than replacing its existing business with AI. It is expanding its audience through freemium products, adding AI monetization through Firefly and Acrobat, while placing agentic capabilities across a professional and enterprise ecosystem that continues to produce double-digit subscription growth.
The potential advantage is the installed base, as AI can make Adobe’s products easier to use and make the existing workflow more valuable. Someone who starts with Firefly can eventually need Photoshop. Someone using Acrobat’s AI capabilities can move into broader document productivity. An enterprise using GenStudio can bring AI into the rest of its customer experience operations.
Adobe has spent decades assembling those pieces. The next phase is about getting them to work together.
The Numbers Still Give The Bears Plenty To Work With
There is no point pretending the market has imagined Adobe’s slowdown. Total ARR growth has fallen from 13.8% in Q1 FY24 to 11.2% today, and the company isn’t forecasting some dramatic snapback. Its updated FY26 target calls for ending ARR growth of 10.2%, while FY26 revenue is now expected at $26.576 billion-$26.626 billion.
The stock is now reflecting that skepticism as ADBE closed at $248.83, sitting around its 50-day moving average near $251.78 and below its 200-day moving average near $266.96 and 20-day moving average near $272.79. After recovering from roughly $190 in July toward $290, the stock has now given back much of that move.
For traders, $250-$252 is the first level I’d watch. Reclaiming it would put the stock back above the 50-day; getting through $267 would reclaim the 200-day and repair more of the recent damage. A move toward $275-$280 would tell me the summer recovery is back in play.
I’m Buying ADBE, But I Want The Chart To Catch Up
I’m buying because the story has moved beyond the concern I had going into earnings: Adobe is no longer asking investors to take AI monetization entirely on faith, with more than $650 million in AI-first ARR and Firefly ARR growing 40% sequentially, providing the first real receipts.
Even more compelling is the fact that Adobe is embedding AI into a platform already used by more than 20,000 enterprises, with several of those enterprise businesses growing ARR at more than 20%.
So now, the stock doesn’t need to explode for this thesis to work. I want $250-$252 reclaimed first, $267 next, and if buyers can push ADBE back toward $275-$280, I’ll be considerably more comfortable adding to the position.
Today’s editorial pick for you
Shopify’s Strong Growth Makes Its AI Sell-Off Look Overdone
Posted On Sep 11, 2026 by Ian Cooper
Shopify (NASDAQ: SHOP) could be ready for a comeback after getting caught up in this year’s artificial intelligence-driven sell-off, according to Bernstein. The firm recently initiated coverage of the e-commerce software company with an Outperform rating and a $160 price target.
Table of Contents
Shares have had a rough 2026, falling about 21% as investors pulled back from software stocks during the so-called “SaaSpocalypse.” The sell-off was fueled by concerns that rapidly advancing AI tools could eventually take market share from traditional software companies. Bernstein analyst Mark Shmulik thinks those fears may be overdone.
The two investment legends who picked Nvidia 10 years ago…
Are coming together to answer that question.
Jeff Brown is a former tech executive who picked Nvidia in early 2016…
Marc Chaikin is a 60-year-old Wall Street titan who's worked with billionaires and hedge fund legends like Paul Tudor Jones, George Soros, and Steve Cohen.
And they recently came to a shocking conclusion.
They both believe you need to make this move before September 30.
Shmulik describes Shopify as sitting at the intersection of three major technology markets: e-commerce, software and payments. In his view, AI could ultimately expand the company’s opportunity rather than threaten its business. AI is making it easier for entrepreneurs to launch companies, and those new businesses will still need tools to sell products, accept payments and manage their operations. That puts Shopify in a potentially favorable position.
Shmulik said Shopify is a company he would “circle” as one that could eventually be reclassified as an AI winner, rather than an AI victim. Recent results provide some support for that.
Second-quarter revenue jumped 33.6% year over year to $3.58 billion, beating Wall Street expectations by about $140 million. The company also provided third-quarter revenue guidance above consensus estimates.
Gross merchandise volume, or GMV, climbed 32% to $115.6 billion, showing that merchants continued to move significant amounts of business through Shopify’s platform.
Other financial metrics were strong as well:
Monthly recurring revenue increased to $221 million, up from $185 million
Free cash flow reached $654 million, representing an 18% margin.
Operating income rose to $488 million, compared with $291 million a year earlier.
Net income increased to $1.50 billion, up from $906 million.
Shopify President Harley Finkelstein also pointed to AI as an opportunity for the company, saying that the technology is expanding what merchants can do through the platform.
Rosenblatt Is Bullish, Too
Bernstein isn’t the only Wall Street firm taking a bullish position.
Rosenblatt also recently initiated coverage of SHOP with a Buy rating and a $175 price target.
Analyst Scott Devitt called Shopify a dominant e-commerce software platform serving everyone from smaller merchants to major enterprise brands.
Rosenblatt also sees two areas of the company’s business as particularly underappreciated: B2B commerce and international expansion. Both could provide Shopify with additional room to grow as the company moves beyond its traditional base of online merchants.
The firm also pointed to Shopify’s free cash flow generation and operating leverage as positives. As revenue continues to grow, the company has been able to convert more of that growth into cash flow.
AI Could Actually Strengthen Shopify’s Position
One of the more interesting parts of the SHOP bull case is the company’s push into agentic commerce, a future in which AI assistants help consumers discover products and complete purchases. Rosenblatt argues that even if AI changes how shoppers find products, those transactions will still need infrastructure to handle catalogs, payments and checkout.
Shopify is positioning itself to be part of that infrastructure. The company co-developed the Universal Commerce Protocol with Google, while its Shop Pay system provides a checkout layer designed to work within emerging AI-powered shopping experiences.
So, What’s Next for Shopify?
Shopify expects Q3 revenue to increase at a low-thirties percentage rate year over year. Gross profit dollars are expected to grow at a mid-twenties percentage rate. That means the company is still forecasting growth at a pace that would be impressive for a business of Shopify’s size. The bigger question for investors is whether the market will continue to view SHOP as a software company threatened by AI or as a beneficiary of the AI story.
Tidak ada komentar:
Posting Komentar