We show that a derivator is stable if and only if homotopy finite limits and homotopy
finite colimits commute, if and only if homotopy finite limit functors have right
adjoints, and if and only if homotopy finite colimit functors have left adjoints. These
characterizations generalize to an abstract notion of “stability relative to a class
of functors”, which includes in particular pointedness, semiadditivity, and
ordinary stability. To prove them, we develop the theory of derivators enriched
over monoidal left derivators and weighted homotopy limits and colimits
therein.