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Little-known company Cerence AI (CRNC) is a big mover on Friday, with shares up nearly 110% in intraday trading on Jan. 3. The reason is that this small player in the artificial intelligence (AI) market just nabbed a big contract with Nvidia (NVDA).
With experts quick to draw comparisons between Cerence and investor favorite SoundHound AI (SOUN), let’s dive into the latest news and see if CRNC stock is a buy, sell, or hold here.