Despite solid growth and record profitability, shares of Adobe ( ADBE 0.69%) are down about 38% from their 52-week high. The ...

Moving to a pure-play model could heighten interest in the media giant’s stock, which is already trading at a discount.

The company is facing pressure on two fronts—the government and a host of new AI-powered search rivals. It has the capacity to meet both challenges and continue to prosper.

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