Adobe CEO Defends Software’s Role In AI Race, Calls Company ‘Undervalued’: Report

• According to a Bloomberg News report, CEO Shantanu Narayen expects the markets to eventually shift the focus to the delivery of artificial intelligence within applications, which is the area where Adobe scales.
• On Tuesday, Adobe also announced a new version of its Firefly model, which includes studio-quality audio and video tools.
• According to a Reuters report, Adobe has reworked its apps to work with artificial intelligence assistants that can create and edit content by having a conversation.

Adobe Inc. (ADBE) CEO Shantanu Narayen reportedly said that the company was being “undervalued” amid Wall Street’s growing emphasis on chips and artificial intelligence development infrastructure.

“There’s a question about software at large, which I think is misunderstood when you look at how profitable we are and the growth prospects we have,” Narayen told Bloomberg Television ahead of Adobe’s annual product conference.

The report noted that Narayen expects the markets to eventually shift the focus to the delivery of artificial intelligence within applications, which is the area where Adobe scales.

New Updates To Adobe’s FireFly

On Tuesday, Adobe also announced a new version of its Firefly model, which includes studio-quality audio and video tools. The company said that this update includes “Generate Soundtrack” for creating fully licensed audio tracks, “Generate Speech” for voiceovers, and a new timeline-based AI video editor.

Firefly by Adobe helps create images, videos, and other content from text prompts. Adobe said the new models in Adobe Firefly include Image Model 5, which generates photorealistic images at native 4MP resolution and supports prompt-based editing in everyday language.

Last week, Adobe reportedly launched its “Adobe AI Foundry,” a new product that enables businesses to collaborate with the firm to develop tailored generative AI models trained on their unique branding and intellectual property.

The company said that it has now partnered with various technology companies, including ElevenLabs, Google, Luma AI, OpenAI, Runway, Topaz Labs, and more.

Adobe’s ChatGPT Partnership

According to a Reuters report, Adobe announced that users can chat with its video and image editing tools and that it was working with OpenAI to allow users to control one of its apps via ChatGPT.

The report, citing Adobe executives, noted that the company reworked its apps to work with artificial intelligence assistants that can create and edit content by having a conversation.

Retail sentiment on Adobe remained unchanged in the ‘neutral’ territory, with message volumes at ‘normal’ levels, according to data from Stocktwits.

Shares of Adobe have declined by more than 26% over the last 12 months. 

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Also See: PYPL Stock Rises After Company Raises Annual Profit Forecast, Plans To Embed Digital Wallet In ChatGPT

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