Adobe (ADBE) falls as higher Treasury yields, AI concerns pressure software stocks

Adobe shares fell May 14, 2026, as rising Treasury yields and renewed tensions with Iran weighed on software stocks, adding pressure to high-multiple names exposed to concerns over artificial intelligence disruption. The stock closed at $246.49, down 2.6% from the previous close after falling as much as 3.2% in afternoon trading. The 10-year Treasury yield rose to 4.4%, pressuring valuations for software companies whose earnings are tied heavily to long-term cash-flow expectations. Investors also continued to rotate toward AI infrastructure companies such as Nvidia and Micron, where capital spending trends and earnings visibility are viewed as stronger. Adobe is down 26% in 2026 and trades 41.4% below its 52-week high of $420.68 reached in May 2025. The decline follows a 3.6% gain 19 days earlier after Adobe announced a $25 billion share repurchase program through April 30, 2030, and new AI product integrations with Nvidia and Google Cloud.