Nvidia’s $13 billion Hugging Face bet reveals Jensen Huang’s vision for the next AI battleground

Good morning. Nvidia will pay $12.93 billion for Hugging Face, which is generating roughly $150 million in annualized revenue. At about 86 times revenue, the price makes clear that Nvidia values Hugging Face less for the business it is today than for the strategic position it occupies at the center of open-source AI. The chipmaker announced Thursday that it has agreed to acquire Hugging Face, a major platform for open-source AI models, datasets and applications. The Hugging Face deal is Nvidia’s second-largest ever, behind its roughly $20 billion licensing and talent deal for AI chip startup Groq’s assets in December. Enjoy the Labor Day holiday. New York, New Jersey, and Pennsylvania have introduced or passed legislation penalizing the practice and requiring employers to disclose hiring timelines or remove filled postings, while Texas has opened its own investigation into a major job board. Korn Ferry experts trace the trend partly to leaner HR teams with less bandwidth to keep listings current, alongside some companies deliberately using ghost posts to scout talent or track competitors' hiring. " Uber is cutting 3,300 jobs despite double-digit growth as it makes room for its robotaxi future " —Mia Osmonbekov " One of the fastest-growing jobs in Silicon Valley sends engineers straight to customers’ offices to get AI up and running—and pays more than $188,000 " —Preston Fore " One of MacKenzie Scott’s latest donations takes her HBCU giving to well over $1 billion " —Sydney Lake " AI visionary Ray Kurzweil is joining a Silicon Valley startup developing a brain computer system that involves snorting nanoparticles " —Alexei Oreskovic "It’s funny, the business I originally started just to make ends meet has ended up funding and giving me the opportunity to live the dream that I had as a child." —Jonathan Spano, co-founder and CEO of Traffic Management, Inc., told Fortune in an interview . Built as a startup in a Long Beach garage, the company now operates across more than 50 locations in the U.S. and makes over $1 million a day in revenue.