Wells Fargo adds Microsoft and Adobe to "Signature Picks" portfolio

Investing.com -- Analysts at Wells Fargo have added software titans Microsoft (NASDAQ:MSFT ) and Adobe (NASDAQ:ADBE ) to their "Signature Picks" portfolio.

In a note to clients on Wednesday, the analysts said they had opened a 4% position in Microsoft, citing its "cloud positioning and [artificial intelligence] leadership." They noted in particular that AI had helped fuel second-half strength at the company's all-important Azure cloud division.

Meanwhile, the Wells Fargo analysts said they had initiated a 2% position in web design tool provider Adobe. They argued that "design is one ofthe most tangible use cases" of so-called generative AI, adding that investor concerns around competition are "overblown."

"Adobe's moat remains robust," they said.

Source: Investing.com