$ADBE is smart, stopping disruption by buying out Figma for $20B.
It feels like Adobe overpaid in the short and medium run, but in the long run I think this will look similar to Adobe's Macromedia acquisition in 2005. It was expensive in the short run.
They got Flash, Freehand, and Dreamweaver. They shut down Freehand (the closest competitor to Illustrator) in 2007. Flash lasted all the way to 2020. Dreamweaver is still around.
Like you said this is buying their disruptors, which in the long run helps them from getting displaced.
I think it was a very smart acquisition in the long run in the short term and in this macro environment it was an overpay but had to be done at that price so it’s kinda a pick your poison moment lol. Adobe shareholders should be happy they got it though especially if they are long on the company