Is Adobe (ADBE) undervalued right now?

I’ve been looking into Adobe and honestly it seems surprisingly cheap for a company that still dominates creative software. ADBE is trading around $230 which feels low for a company with strong margins, recurring subscription revenue, and massive cash flow. What surprised me is the revenue growth. Adobe generated around $23.8B in annual revenue growing roughly 10-11% YoY while still putting up record quarters despite all the AI fear. Most of their revenue is subscription based, meaning predictable recurring income instead of relying on one time purchases. Another thing that stands out is profitability. Adobe has very strong margins for a software company consistently generating billions in free cash flow and maintaining high operating margins. The bearish argument obviously makes sense: AI competition. Tools like Midjourney, Canva, OpenAI image/video tools, and god knows how many more could pressure Adobe. But Adobe is also heavily investing in AI (Firefly, AI-powered editing tools, generative fill, video AI,If you haven't tried them give them a shot), and professionals still rely heavily on Photoshop, Premiere, Acrobat, Illustrator, and the whole ecosystem. Switching costs are pretty high for serious creators and businesses already locked into Adobe workflows. Adobe doesn’t feel like a hype stock. It feels more like a high quality cash machine being priced as if growth is dying. Yet they still dominate creative software, enterprise PDF/document tools, and continue expanding AI into products people already use daily. The stock feels like the market is pricing in a lot of fear already. Do you guys think ADBE is actually undervalued, or is the AI threat bigger than bulls think?