Software firm Adobe on Tuesday introduced a new application powered by generative artificial intelligence that can serve as a single destination for advertising and marketing professionals. Adobe stock rose on the news.
At its Adobe Summit conference in Las Vegas, the company announced Adobe GenStudio. The application provides a virtual place for brands to plan campaigns, create content and manage assets, and then activate experiences across digital channels and measure performance.
"The exponential value of AI comes from how successful it makes you in your daily tasks and workflows," Chief Executive Shantanu Narayen said in a keynote speech at the event.
He added, "By integrating generative AI natively across our industry-leading product portfolio, we're accelerating ideation, exploration, insights and end-to-end production, and delivering magic and productivity gains to more users every day."
Adobe GenStudio provides connections across the company's Experience Cloud and Creative Cloud applications. It aims to provide a unified workflow for advertising and marketing campaigns.
The generative AI produced in GenStudio spans images, videos, text and other content.
Adobe Stock Down On Competitive Threats
On the stock market today, Adobe stock rose a fraction to close at 507.60. Shares were down earlier in the day as investors reacted negatively to news of Adobe rival Canva buying creative software platform Affinity.
Also at Adobe Summit, the company unveiled its Adobe Experience Platform AI Assistant. The assistant offers a conversational interface where users can get answers to technical questions, automate tasks and simulate outcomes on the marketing platform. The assistant also can uncover customer segments to target with advertising and promotions.
Adobe has been adding generative AI functions across its product lineup since it debuted Firefly for creating images a year ago. Last month, it added an AI assistant to its Acrobat and Reader products.
Adobe stock has tumbled since hitting a 52-week high of 638.25 on Feb. 2. Investors have fretted about competition in creative software and generative AI.
On March 15, Adobe stock plummeted 13.7% after the company predicted weaker-than-expected sales for the current quarter.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
