Nvidia agrees to buy Hugging Face for US$12.9bil
Nvidia, Salesforce and Google's parent Alphabet backed Hugging Face in a US$235 million funding round in 2023 that valued the company at US$4.5 billion.
Nvidia has announced plans to acquire AI platform Hugging Face for a staggering US$12.9 billion, according to The Information. The chipmaker's acquisition of the New York-based company, renowned for hosting open-source large language models and datasets, was reported on Wednesday. Nvidia was among the investors that supported Hugging Face in a US$235 million funding round in 2023, which valued the company at US$4.5 billion.
This move comes after Hugging Face previously turned down a US$500 million investment offer from Nvidia in 2022, which would have valued the platform at US$7 billion. Outside business hours, Nvidia confirmed a projected 70% increase in revenue for the upcoming fiscal year, highlighting the sustained demand for AI computing. The tech giant has also committed US$18 billion towards equity investments for the remainder of the 2027 fiscal year.
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