Yahoo Finance
Nvidia (NVDA) stock edged higher on Thursday after the AI leader announced it's buying open-weight AI platform Hugging Face for roughly $13 billion.
In a statement, Nvidia said Hugging Face would remain "an open platform for the entire AI ecosystem" and that the company would continue to support open-weight and open-source AI models.
Nvidia said it's the largest contributor of open models and data to the Hugging Face platform.
The deal is expected to close in the first half of 2027, pending regulatory approval.
In other tech news, Snowflake (SNOW) stock soared on a second quarter earnings beat and stronger full-year product revenue guidance.
Shares of Broadcom (AVGO), meanwhile, slipped after the company's quarterly earnings beatfailed to impress Wall Street.
Apple (AAPL) shares remain up over the past five days asJohn Ternusbegins his first week as CEO of the tech giant, succeeding Tim Cook after Cook's 15 years in the top spot.
Ternus faces several challenges at Apple, including developing the company's AI strategy and navigating a legal battle with OpenAI (OPAI.PVT).
Maxim Group analyst Tom Forte estimated that Wall Street would give Ternus a six- to 12-month grace period to find his footing.
Nvidia's (NVDA) move to take over Hugging Face amounts to a "great strategic move," BD8 CEO and Nvidia investor Barbara Doran told Yahoo Finance on Thursday.
Doran explained that Nvidia is "positioning themselves to be much more of an AI platform rather than just a supplier of chips." "Right now, chip … demand is huge.
But they are positioning themselves for the day when that will slow down, which still looks like it's far in the future.
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