To invest in Dolby Laboratories, you need confidence in the company's ability to stay essential in premium audio and visual technology, especially as it expands into vehicles and streaming, all while managing risks like commoditization of consumer electronics and global competition. The recent Q3 earnings report and updated full-year guidance reinforce the company's near-term expectations but do not appear to significantly shift the most important short-term catalyst, the ongoing adoption of Dolby Atmos and Vision in new markets, or alleviate the key risk of shrinking addressable hardware markets.