Adobe Faces Canva Competition, Expands Firefly AI Tools to Mobile Devices
Copyright: photogearch / 123RF Stock Photo
MagicBrief attracted Canva's attention after completing a $1.3 million pre-seed fundraising round in July 2023, which was headed by Blackbird Ventures. Although the acquisition price has not been formally disclosed, Citizens JMP's report indicates that Canva spent about $10 million for MagicBrief.
On the other hand, Adobe Inc. (NASDAQ:ADBE) has also advanced in terms of both its financial outlook and product offerings. Notably, the company extended its AI-assisted content creation platform to mobile devices with the release of Firefly for iOS and Android. Features like text-to-image and text-to-video are included in this new software, which also integrates many third-party AI models. The company further reported that Firefly has seen a 30% rise in traffic quarter-over-quarter.
Adobe Inc. (NASDAQ:ADBE) is a world leader in software creation, known for its cutting-edge digital media solutions. Its major products, including Photoshop and Acrobat are essential tools for creative sectors and organizations across the globe.
While we acknowledge the potential of ADBE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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