Stock market analysis and financial news reports.

Adobe, Market Cap $216B, Buys Videos for AI Text-to-Video Model

Apr 15, 2024, 01:01 PM

Adobe, with a market cap of $216 billion, is actively expanding its artificial intelligence capabilities by purchasing videos to build a text-to-video AI model. The company is acquiring footage at a rate of approximately $3 per minute, with payments of $120 for sets of video clips. This initiative is part of Adobe's broader strategy to enhance its AI offerings, including the integration of generative AI tools in Adobe Premiere Pro. Additionally, Adobe is exploring a partnership with OpenAI to incorporate third-party AI tools into its software suite.