No. First, Adobe doesn't have the capital or market power to square off against the entire AI economy. Bubble or not, AI labs, hyperscalers, and all their customers & suppliers represent trillions in capital and significant political power.

Second, the vast majority of Adobe's revenue comes from enterprise licensing agreements not individual consumers who might switch to free, open source alternatives.

Third, good, free alternatives to Adobe tools have already existed for many years, such as PhotoPea.