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 it will acquire AI platform Hugging Face for a sum of US$12.9 billion, according to The Information. The deal was reported on Wednesday, though Nvidia and Hugging Face have not yet commented on the acquisition.
Hugging Face, a New York-based company that hosts open-source large language models and datasets, previously rejected a US$500 million investment offer from Nvidia last year. That offer would have valued Hugging Face at US$7 billion, as reported by The Financial Times in January.
The chipmaker Nvidia had previously supported Hugging Face through investments. In 2023, Nvidia, along with Salesforce and Alphabet's Google, participated in a US$235 million funding round that valued Hugging Face at US$4.5 billion, The Financial Times also reported in January.
Nvidia has forecast a 70% increase in revenue for the upcoming fiscal year, highlighting the ongoing demand for AI computing. Additionally, the company has committed US$18 billion to equity investments for the remainder of the current fiscal year.
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