Nvidia has held acquisition talks in recent weeks with Hugging Face that could value the open-source AI platform at more than $13 billion, according to a person familiar with the matter. No agreement has been reached, and the discussions could still collapse. Nvidia and Hugging Face did not respond to requests for comment. Microsoft also met with Hugging Face, but two people familiar with the situation said those talks are no longer ongoing. Hugging Face hosts millions of AI models and datasets used by developers building with open-source technology. Nvidia already participated in Hugging Face’s $235 million funding round in 2023, when the company was valued at $4.5 billion. The Financial Times previously reported that Hugging Face rejected a $500 million Nvidia investment offer late last year that would have valued it at $7 billion, saying it did not want a dominant investor able to influence its decisions. Nvidia has expanded its investments and acquisitions as it builds on its cash reserves. The company said it had committed $18 billion to equity investments for the rest of its fiscal year and held $47.9 billion in private companies. Nvidia ownership could expand its relationship with developers using Hugging Face, but it could also raise questions about the platform’s neutrality because Hugging Face supports models and hardware from Nvidia competitors including AMD and Intel.

Tesla has agreed to acquire an unnamed AI hardware company for up to $2 billion in stock and equity awards, as disclosed in its Q1 2026 10-Q filing. This information was included in Note 14 — Subsequent Events, without mention in the shareholders’ letter or earnings call.