1541 ET - Adobe's appointment of Anil Chakravarthy as its next CEO may signal a shift in the company's focus, especially as investors worry that Creative Cloud is exposed to AI displacement, Morgan Stanley analysts write in a note. The move "could signal that Adobe's center of gravity is shifting toward customer experience, enterprise workflows, and content supply chains, rather than relying on Creative Cloud as the primary growth engine," the analysts write. "We see that as potentially the right strategic direction." Still, they say, the appointment does not necessarily mean a "wholesale deprioritization of Creative," but suggests that Adobe "could now be attempting to turn CX orchestration into a larger growth and monetization engine for enterprises." Adobe shares trade down 6.4%.