Nvidia Acquires Hugging Face for $12.9 Billion
On October 16, 2023, Nvidia CEO Jensen Huang announced the company’s acquisition of AI platform Hugging Face for $12.9 billion. Hugging Face, an open-source AI repository, has over 18 million users sharing 3 million models and 500,000 datasets, significantly enhancing Nvidia’s position in the AI landscape.
This acquisition follows previous interest from Nvidia, which had attempted to invest $500 million in Hugging Face at a $7 billion valuation. With Hugging Face generating $150 million in annual revenue, the new valuation is notably higher, highlighting Nvidia’s strategy to bolster its dominance in the AI chip market amid competition from companies like OpenAI and Google.
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