美銀研究警告稱"SaaS企業如Adobe的情況可能會更糟"

英為財情

2025/08/11

Investing.com - 美銀研究在周一的報告中將Adobe(NASDAQ:ADBE)降級至"賣出"，警告稱人工智能的轉變正在引發"領先SaaS公司估值收縮的早期階段"。"世界正在認識到’AI正在吞噬軟件’的現實，"美銀寫道，指出Adobe、Atlassian(NASDAQ:TEAM)和Salesforce(NYSE:CRM)等曾經的明星企業今年以來均下跌超過20%。該公司看到了與2000...

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美銀研究在周一的報告中將Adobe(NASDAQ:ADBE)降級至\"賣出\"，警告稱人工智能的轉變正在引發\"領先SaaS公司估值收縮的早期階段\"。\"世界正在認識到’AI正在吞噬軟件’的現實，\"美銀寫道，指出Adobe、Atlassian(NASDAQ:TEAM)和Salesforce(NYSE:CRM)等曾經的明星企業今年以來均下跌超過20%。該公司看到了與2000...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2931451\">網頁鏈接</a>\n\n</div>\n","source":"investing_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美銀研究警告稱\"SaaS企業如Adobe的情況可能會更糟\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美銀研究警告稱\"SaaS企業如Adobe的情況可能會更糟\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">英為財情</strong><span class=\"h-time small\">2025-08-11 22:43</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Investing.com - 美銀研究在周一的報告中將Adobe(NASDAQ:ADBE)降級至\"賣出\"，警告稱人工智能的轉變正在引發\"領先SaaS公司估值收縮的早期階段\"。\"世界正在認識到’AI正在吞噬軟件’的現實，\"美銀寫道，指出Adobe、Atlassian(NASDAQ:TEAM)和Salesforce(NYSE:CRM)等曾經的明星企業今年以來均下跌超過20%。該公司看到了與2000...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2931451\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://cn.investing.com/news/stock-market-news/article-2931451\">英為財情</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0792757196.USD","symbol_name":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","start_time":0,"source_url":"https://cn.investing.com/news/stock-market-news/article-2931451","article_id":"2558692976","we_media_id":null,"thumbnails":[],"rights":{"source":"investing_news","url":"https://cn.investing.com/news/stock-market-news/article-2931451","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2558692976","pubTimestamp":1754923380,"columns":[],"sourceInfo":{"source_id":"investing_news","name":"英为财情新闻"},"weMediaInfo":null,"summary":"Investing.com - 美銀研究在周一的報告中將Adobe降級至\"賣出\"，警告稱人工智能的轉變正在引發\"領先SaaS公司估值收縮的早期階段\"。美銀警告稱，SaaS面臨的威脅是，由於AI的存在，\"幾乎任何人...都可以創建一個如此出色的應用程序，能夠快速有力地參與競爭\"，這削弱了基於訂閲模式的優勢。該公司對Adobe通過Firefly等AI工具實現盈利的能力表示懷疑，警告稱當\"其他公司提供AI優先選項\"時，客户可能會抵制支付更多費用。","collect":0,"end_time":0,"defaultTopTitle":"investing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","ADBE":"Adobe","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4588":"碎股","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","BK4554":"元宇宙及AR概念","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","BK4543":"AI","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","BK4527":"明星科技股","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","BK4567":"ESG概念","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU1046421795.USD":"富达环球科技A-ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - 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