1975 Explains Why Adobe's Record Earnings Weren't Enough

In 1975, a Kodak engineer walked into a meeting with the world's first digital camera.His managers, as he later recalled, told him: don't tell anyone about it.Kodak filed the patent. The technology sat. And for twenty years, the company kept selling film — until digital photography changed what customers needed and the old pricing model couldn't hold.In 2026, Adobe reported record earnings. Investors still weren't convinced. AI tools are growing. Freemium users more than doubled. And the market is asking one question the earnings number cannot answer: will AI let Adobe keep charging like Adobe?This is a Forgotten Finance history-and-now comparison. Not the same story — but close enough to be worth remembering.Educational content only. Not financial advice.Do you think Adobe's moat is shrinking, or just changing?