RGA Investment Advisors, in its Q2 2026 investor letter, noted that despite market concerns about Adobe (Nasdaq: ADBE) facing competition and being perceived as an "AI loser," the company is far more resilient than market fears suggest. The firm believes that many of Adobe's products remain irreplaceable in the AI era, and with its advantages in data and context, it is poised to become a critical layer for building AI workflows. Currently, Adobe's P/E ratio is below 10x, its free cash flow yield exceeds 10%, and its growth rate is still around 10%. The company is utilizing its healthy balance sheet and strong free cash flow to repurchase shares.