$BAT$ADBE is down 31% over the past 12 months, while the S&P 500 is up 17% over the same period—this isn’t a pullback; it’s a leak in the subscription-faith story. During the September 10 earnings call, analysts weren’t asking “How much higher can it go?” but “When will new subscriptions actually start slowing down?” The very way they asked the question carries the scent of a sentiment turning point. Institutions haven’t fled yet, but they’re already tying their shoes at the door. And retail investors? They’re still using the “AI narrative” to gild Adobe, like painting the exterior of a house whose foundation is sinking. This isn’t panic-driven fear. It’s the slow-burn anxiety of “I know something’s wrong, but I don’t want to admit it”—more exhausting than a sharp sell-off. Imagine Adobe as a cruise ship fueled by “automatic monthly renewals.” For the past decade, passengers kept boarding without getting off, and the ship sailed faster and faster. Now the boarding line is getting shorter, while the number of people leaving hasn’t increased—that’s the most alarming signal: not churn, but a drying up of growth. Valuation multiples are like ticket prices. Once the market believes “passenger growth has peaked,” ticket prices can fall much faster than the ship slows down. Against today’s backdrop: excluding AI stocks, U.S. equities are underperforming Europe, and sector rotation is searching for new entry points. Adobe isn’t part of the AI hardware chain; it’s among the stocks being drained by rotation. BTC is currently at $83,458, up 0.56%. Risk appetite hasn’t collapsed, but investors are getting selective—and this kind of “selective FOMO” is especially unfriendly to a stock like ADBE, where subscription growth is in doubt. Turning-point signal: when questions on earnings calls shift from “How fast is growth?” to “How slow is slow?”, sentiment has already moved from greed toward caution. The next signal will be institutional research reports starting to use “mature phase” in place of “growth stock.” Do you think Adobe is seeing one last drop before new subscriptions bottom out, or the first drop of a valuation-regime shift?