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Seeking Alpha: Can you briefly summarize your bearish thesis for readers who may not have seen it yet?
The Friendly Bear: Cerence is just a boring automobile OE supplier that has temporarily benefited from investor excitement over terms such as AI and SaaS. In my view, there is little substance to the hype story. Cerence used to have dominant market position, but there is nothing that differentiates its technology today and it is facing up against large technology companies that have R&D budgets larger than Cerence’s entire market cap. These large technology companies are focused on getting into cars, homes, your phone,