There is a tech hangover that is outweighing AI gains. Case in point: Adobe (ADBE). Eric Lynch, managing director at Scharf Investments, appeared on Schwab Network’s “Morning Trade Live” program with Oliver Renick ahead of Adobe’s earnings report. “To date, what we’re seeing with regard to companies focused on AI is a separation of story and profits.” At Adobe, management guidance for 2024 called for 12% growth, which is pretty anemic given all of the hype around AI innovation.

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