Nvidia buys Hugging Face for $12.9 billion

Nvidia will acquire Hugging Face, one of the most popular artificial intelligence platforms, for $12.93 billion. This is one of the largest deals in Nvidia's history.

Hugging Face is a platform where developers search for and use AI models, data, and software tools. By acquiring Hugging Face, Nvidia will grow closer to the companies and developers that use its chips and the systems built on them.

Under the deal, Hugging Face's investors will receive approximately $11.9 billion. Up to $1 billion more is earmarked for company employees who continue working at Nvidia.

According to Jensen Huang, Hugging Face will remain an open platform. Users will still be able to choose from various AI models, chips, and cloud services.

For reference, Hugging Face's last public valuation stood at $4.5 billion in 2023.

Source: Reuters