Figma is down 49% this year. Adobe is down 30%. Lovable crossed $200M ARR and raised a $330M Series B at a $6.6B valuation. AI app builder revenue hit $4.7B in 2026 and is projected to more than double by 2027.

Surface reading: AI design tools won.

The actual story: none of them have solved the last 10% of the work, and that's where the money...