[Adobe's CFO heading to Marvell](https://www.marketwatch.com/story/adobes-cfo-is-departing-for-marvell-and-its-one-more-reason-for-investors-to-choose-chips-over-software-336b9e16?mod=mw_rss_topstories) is being framed as a chip-over-software rotation signal, but that's surface noise. The real forensic issue: Adobe's posted a 40.5% net margin (annual), yet cash conversion has been deteriorating as revenue growth flattens.

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