
The S&P 500 Index ($SPX) is hitting new all-time highs, putting tariff uncertainty, recession fears, and geopolitical turmoil on the back burner. Tech stocks have also participated in the rally with a few exceptions. Adobe Systems (ADBE), for instance, is down 13% for the year as of this writing.
The stock’s underperformance is not unique to 2025. It lost a quarter of its market capitalization last year, missing out on the tech rally. ADBE trades nearly 45% lower than its all-time high and has been out of favor with the market for quite some time now.