ADBE

Travis views Adobe as undervalued given accelerating revenue growth, aggressive share buybacks, and a low forward P/E despite leadership transition uncertainty. He believes the risk-reward is attractive because the market is focused on short-term AI disruption fears rather than the company's improving fundamentals.

Jeremy sold out of Adobe, arguing that despite consistently solid earnings, persistent AI-disruption narratives will keep the stock's valuation multiple structurally depressed, making it hard to make significant money in the stock long-term.