Photoshop CC with all of the latest updates often hangs / has strange behavior when I'm processing a large number of large .nef (Nikon raw) files into a panorama. It looks to me like Photoshop acquires all of the physical memory that it is allowed and at that point likely has to resort to paging information to and from disk. I suspect that the application has a memory management problem. In the most resent case I was working with 15 .nef files from my D800 (files average about 40 Mb each). The .psb file that was eventually created is 665 Mb. The way PS works is that the 15 .nef files are loaded and as each one is read the amount of memory used increases. When I generate the panorama another very large chunk of memory is consumed. After the .psb file is created if I try to do some operations on it, such as rotate it slightly, PS may go off to never, never land. The work around is to create the panorama and save it, then close PS and wait for memory to be released. Then I can restart PS and only load the .psb file. At that point I can rotate it, puppet warp it, add layers, etc. I've also noticed that strange behavior is more likely if a series of large file jobs are processed without exiting PS and restarting it fresh for each one. That also makes me wonder about a defect in memory management. I'm running on a 8 core Intel processor with 8 Gb of physical memory. OS is Windows 7 with all updates installed. I'm allowing PS to use up to 80% of available memory.