Everyone's A DJ: Adobe's New AI Tool Transforms Text Into Custom Tunes, Democratizing Music Production
Portfolio Pulse from Rounak Jain
Adobe Inc. (NASDAQ:ADBE) has unveiled Project Music GenAI Control, an AI tool enabling users to create and edit custom music from text prompts. Developed in collaboration with the University of California, San Diego, and Carnegie Mellon University, this tool represents Adobe's continued expansion into generative AI, following the launch of Firefly. BMO Capital Markets analyst Keith Bachman has reiterated an Outperform rating on Adobe, with a price target of $645, highlighting the growth potential of generative AI for Adobe.
February 29, 2024 | 11:47 am
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Adobe's introduction of Project Music GenAI Control, developed with UC San Diego and Carnegie Mellon University, underscores its commitment to generative AI, potentially boosting its growth and market position.
The launch of Project Music GenAI Control by Adobe, coupled with an Outperform rating and a high price target from analysts, indicates strong confidence in Adobe's growth trajectory and innovation in generative AI. This could attract investor interest and potentially drive up Adobe's stock price in the short term.
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