Digital media and marketing software leader Adobe on Tuesday announced new generative artificial intelligence tools for its Photoshop image-editing software, continuing to advance the state of the art in Gen AI for creative professionals. ADBE stock rose on the news.
At the company's Max London conference, Adobe introduced its latest Photoshop advancements, including tools for generating similar images from a photo and creating photo backgrounds with text commands. It also showed how it can create more complex and detailed images from simple prompts.
The new AI tools are powered by Adobe Firefly Image 3 Foundation Model. They are available now in beta testing and will be generally available later this year.
"This massive new update to Photoshop takes creativity to unprecedented levels — whether you are a professional or brand new to Photoshop," Ashley Still, senior vice president, Creative Product Group at Adobe, said in a news release. "Through new Firefly-powered features in Photoshop, we are bringing ideation and creation closer together and making editing images both more powerful and approachable so everyone can realize their creative vision."
ADBE Stock Rises On Generative AI News
On the stock market today, ADBE stock rose 1.3% to close at 472.90.
Since Adobe launched Firefly in March 2023, users have generated over 7 billion images, the company said.
The new generative AI tools for Photoshop come a week after Adobe previewed generative AI innovations for its Adobe Premiere Pro video-editing software.
On April 15, Adobe debuted new generative AI tools coming to Premiere Pro later this year. Those tools will allow creative pros to remove objects in a scene, extend a shot and more.
Adobe also is developing a video model for Firefly so users can generate videos with simple text commands. It also plans to bring third-party generative AI video models from OpenAI, Pika Labs and Runway directly into Premiere Pro.
ADBE stock has a middling IBD Composite Rating of 54 out of 99, according to IBD Stock Checkup. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
After rising 77% in 2023, ADBE stock is down about 21% year to date in 2024.
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