SANTA CLARA (dpa-AFX) - Chip major Nvidia Corp. (NVDA) is in advanced talks to buy artificial intelligence or AI startup Hugging Face in around $14 billion transaction, media reported citing people familiar with the matter.
In the proposed deal, which could be reached as soon as this week, Nvidia would acquire Hugging Face for $12.9 billion. In addition, the deal may include a $1 billion retention package for Hugging Face employees.
As per the reports, the acquisition, if successful, would be Chief Executive Officer Jensen Huang's biggest move to broaden the uptake of AI and extend Nvidia's customer list.
Hugging Face is a central hub and open-source platform used for sharing, discovering, and deploying artificial intelligence and machine learning models.
With the deal, Nvidia will get control of one of the key platforms where developers showcase and share AI models.
In the overnight trading, NVDA shares were down around 0.01%, at $217.41, extending the 1.39% loss on Tuesday's trading close.
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