Adobe on Tuesday introduced a generative artificial intelligence tool for its Acrobat and Reader products. The software tool is likely to appeal to folks whose response to long PDF documents is "too long; didn't read," or TL;DR. But ADBE stock fell on Tuesday.
Adobe's AI Assistant for Acrobat and Reader generates instant summaries and insights from long documents. It also answers questions and formats information for sharing in emails, reports and presentations.
Adobe said the generative AI tool will unlock new value from the information inside the approximately three trillion PDFs in the world. PDF stands for "portable document format," a digital file standard developed by Adobe.
The AI Assistant is currently in beta testing. Acrobat and Reader customers will have access to the full range of AI Assistant capabilities through a new add-on subscription plan when AI Assistant is out of beta, Adobe said. The San Jose, Calif.-based company did not announce pricing.
ADBE Stock On Tech Leaders List
On the stock market today, ADBE stock dropped 0.9% to close at 541.91, amid an overall down day for stocks.
"Generative AI offers the promise of more intelligent document experiences by transforming the information inside PDFs into actionable knowledge and professional-looking content," Abhigyan Modi, senior vice president for Document Cloud at Adobe, said in a news release. "PDF is the de facto standard for the world's most important documents and the capabilities introduced today are just the beginning of the value AI Assistant will deliver through Reader and Acrobat applications and services."
Future plans for AI Assistant include the ability to work across multiple documents to surface important information and insights.
Adobe has been embedding artificial intelligence capability across its products and services, including Creative Cloud.
On Friday, ADBE stock fell 7.4% to 546.66 after OpenAI introduced a text-to-video generative AI product that will compete with Adobe video products.
ADBE stock is on the IBD Tech Leaders list.
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