221 Enterprise SaaS Incumbent AI Rollouts = Adobe Firefly – 3/23 Note: We assume zero users in the launch month. Adobe Firefly was released as a public beta in March 2023. Source: Adobe announcements (9/23, 10/23, 3/24, 4/24, 10/24, 12/24, 2/25) Adobe Firefly – 5/23-4/25, per Adobe The release of the Adobe FireFly video model in February, a commercially safe generative AI video model, has been very positively received by brands and creative professionals… …User engagement has been strong with over 90% of paid users generating videos… …We're delighted with the early interest in these new offerings. Other creative professional and creator highlights include, continued strong adoption of GenAI in our products with Photoshop GenAI monthly active users at approximately 35% and Lightroom GenAI monthly active users at 30%. Users have generated over 20 billion assets with Firefly. - Adobe President of Digital Media David Wadhwani, 3/25 Cumulative Digital Assets Created, B Cumulative Number of Digital Assets Generated Using Adobe Firefly (B) 0 5 10 15 20 25 5/23 8/23 11/23 2/24 5/24 8/24 11/24 2/25 Horizontal Enterprise Platform = SaaS Incumbents Or Large Language Model Challengers?