Exclusive | Adobe Unveils Agents for Businesses Amid Threat of AI Disruption

Adobe and Salesforce ran the same script on the same day: broaden model partnerships, ship agent orchestration, reframe token spend as a feature that passes through the application layer. Narayen's claim that model providers are infrastructure and "token usage for them is going to come through our applications" is the defining line of the incumbent defense, and it lives or dies on a number nobody's reporting: what share of enterprise agent token spend actually routes through application-layer incumbents versus going direct to model providers. At 60%, Adobe at minus 30 percent YTD is a buy; at 20%, the wrapper thesis is right and the stock is halfway to fair value.