Nvidia is buying Hugging Face for almost $13 billion
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TL;DR
- Nvidia is acquiring Hugging Face for $12.93 billion.
- Hugging Face is a popular platform for open-source AI models, datasets, and tools.
- Nvidia CEO Jensen Huang stated Hugging Face will remain an open platform.
- Acquisition rumors circulated in late August, with Business Insider and The Information reporting on the deal.
- The deal allows Nvidia to strengthen its position against closed-source AI providers like OpenAI, Anthropic, and Google.
- Hugging Face's last valuation was $4.5 billion, with Nvidia having participated in a 2023 funding round.
- Hugging Face reportedly generated around $150 million in annualized revenue, a fraction of the purchase price.