Adobe (ADBE) reported better-than-expected fiscal third quarter results, but its guidance for the fourth quarter fell short of Street expectations, sending shares plummeting in after-hours trading. Third Bridge analyst Charlie Miner described the results as "not great... also not a disaster."

Miner says there is one thing investors should know is that the "narrative is shifting" on the company. He said there had been a belief that Adobe would lose share to AI competitors like OpenAI's Sora. However, he thinks that recently, "more and more people are starting to believe that it's going to be really hard to commercialize one of these new AI-powered, disruptor tools and that Adobe is likely to emerge as the leader in AI in this category."

Watch the video above to hear Miner explain why Adobe could be "one of the first enterprise software companies to really feel AI tailwinds."

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This post was written by Stephanie Mikulich.