The Market’s Tesla vs Adobe Logic

$TSLA market cap: $1.25T
$ADBE market cap: $77B
$TSLA 2025 net income: $3.8B
$ADBE 2025 net income: $7.1B
So Tesla is valued at roughly 16x Adobe.
Yet Adobe generates almost 2x Tesla’s net income.
Tesla revenue is declining.
Adobe is still printing cash.
But somehow the market narrative is that Adobe is the one being disrupted.
Interesting.