近日，Adobe 宣布了一项规模高达 250 亿美元的股票回购计划，有效期至 2030 年 4 月 30 日。这个数字对任何一家公司而言都属于巨额级别，尤其是在全球科技股震荡加剧、市场对 AI 冲击担忧升温的背景下，更显意味深长。 市值曾经高达千亿美元的 Adobe，为何选择在这个时间点启动如此大规模的回购？这背后到底释放了怎样的市场信号与战略考量？值得深入探讨。 1，从创立到转型 —— Adobe 的发展史与商业模式 Adobe 成立于 1982 年，由 John Warnock 与 Charles Geschke 共同创办，最初以开发 PostScript 排版语言打开市场，随后陆续打造出

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