Nvidia Snaps Up Open-Source AI Platform Hugging Face for $12.9 Billion

Nvidia has made a major acquisition in the artificial intelligence space by purchasing open-source AI platform Hugging Face for $12.9 billion.

The firm will pay approximately $11.9 billion to Hugging Face investors and may offer up to $1 billion in stock-based retention incentives, according to BBC News.

Nvidia's president and CEO Jensen Huang said that Hugging Face will remain open-source and developers will not be required to use Nvidia technology.

Huang stated that the acquisition will help improve Hugging Face's infrastructure for developers and organizations globally by leveraging Nvidia's resources and global reach.