Top 9 Game-Changing Stocks for AI Revolution

6. Cerence Inc (NASDAQ:CRNC)

Number of Hedge Fund Holders In Q3 2024: 10

Cerence Inc. (NASDAQ:CRNC) specializes in AI-powered virtual assistants for the automotive and transportation markets, focusing on speech recognition. On February 6, the company announced its first quarter fiscal 2025 results. Cerence Inc. (NASDAQ:CRNC) reported Q1 FY2025 revenue of $50.9 million, down from $138.3 million in Q1 FY2024, with declines in key metrics. The quarter saw a GAAP net loss of $24.3 million, compared to a $23.9 million profit the prior year. Despite this, the company achieved six design wins, two generative AI solutions wins, and six major customer SOPs, maintaining a 51% share of worldwide auto production and a 5% increase in connected cars shipped.