Nvidia

With the deal, which has been expected since The Information reported on it last week, Hugging Face will “remain an open platform for the entire AI ecosystem,” Nvidia CEO Jensen Huang wrote in a blog post Thursday.

“Together, we will scale Hugging Face’s platform, strengthen its infrastructure and expand access to AI for developers and institutions worldwide,” Huang wrote.

Hugging Face CEO Clément Delangue told CNBC on Thursday that the company approached Huang over the summer about a deal, “and a few weeks later, here we are.”

“During the summer, I think we realized that Hugging Face and open-source AI in general was at the turning point, and that it needed more, more resources, more scale, more visibility,” he told CNBC’s Becky Quick on “Squawk Box.”

Delangue said he approached first because Nvidia was “a perfect home” for his company, adding that discussions went quite fast to get a deal done.

The acquisition marks Nvidia’s second biggest on record, following the $20 billion purchase of assets from chipmaker Groq in December. Before that, its largest deal was the purchase of Israeli chipmaker Mellanox for almost $7 billion in 2019.

Nvidia has become the world’s most valuable company due to the insatiable demand for its graphics processing units, which have powered the generative AI boom. Hugging Face marks a big bet on a popular AI platform, as Nvidia continues to show that it’s more than just a chip company.

Hugging Face was recently at the center of a hacking incident that raised concerns about the rapid evolution of powerful AI and cybersecurity tools.

Delangue, a proponent of open-source models, blamed engineering mistakes for the recent attack on Hugging Face and said his company used an Nvidia version of a Chinese open model to resolve it.

On Thursday, Delangue told CNBC that the breach proved the importance of open models and the need for his company to “double down” on the proliferation of open-source AI.

Huang said that the open-source environment can give defenders an “asymmetric advantage” over attackers.

“When I say asymmetric capability, there are way more people who are protecting than there are people who are attacking,” he explained. “And so, the benefit of having the community come together with open models, so that they can collaborate all transparently with each other, gives the defenders an asymmetric advantage.”

WATCH: Huang says ‘We’re at the beginning of an industrial revolution’

Over the past few weeks, one thing has been certain: Oil prices rise, driving yields higher and pushing stocks lower. Except that’s not what’s happening on Thursday. Stock futures were higher even as Brent crude briefly topped $97 per barrel for the first time since late July. West Texas Intermediate futures were also up more than 1%, trading above $92. Meanwhile, Treasury yields fell on the day, with the 10-year note yield sliding 6 basis points to around 4.74%. It hit a 2023 high above 4.81% earlier this week. The 30-year bond yield fell 4 basis points, to 5.221%. So what’s going on? There are two reasons: New comments from a top Federal Reserve governor A sharp rally in the Japanese yen Waller supports no rate hike Fed Governor Christopher Waller said Thursday he would support keeping the central bank’s overnight rate where it is today, in a range of 3.5%-3.75%. He said recent trends “suggest we are finally seeing some signs of disinflation.” “If this continues in the data due over the next two weeks, I would be inclined to support holding the target for the federal funds rate at its current setting,” Waller added . The 10-year Treasury yield, which was flat earlier in the day, fell following Waller’s remarks — along with expectations of a rate hike later this month. The CME Group’s FedWatch tool now shows a 52.6% chance of a rate increase at the Fed’s Sept. 15-16 meeting, down from 63% on Wednesday. Equity and bond investors had been fearing the Fed would have to raise rates. Now, those worries are somewhat alleviated. US10Y 5D mountain U.S. 10-year yield Huge yen rally The Japanese yen rallied nearly 2% against the dollar, to 155.68, after a Bank of Japan official said overnight the central bank could raise rates to defend against the sharp declines in the country’s currency. Even after Thursday’s advance, the yen remains more than 5% lower against the dollar in the past year. “A stronger JPY could be the thread that helps unravel a lot of the macro overhangs weighing on equities to the extent it continues (a sustained rally in the yen would in theory remove upward pressure from global yields),” wrote Adam Crisafulli of Vital Knowledge. This is partly due to Japan being the largest foreign holder of U.S. Treasurys, at roughly $1.1 trillion . A stronger yen could create a virtuous circle, relieving pressure on Japan to intervene in currency markets, as it did alongside the U.S. in July. That, in turn, might mean Japan wouldn’t sell part of its U.S. Treasury holdings, and might in fact have an appetite to buy more. To be sure, Mark Newton of Fundstrat thinks the latest yen move will “prove short-lived,” as other BOJ officials have not yet become more hawkish. “Short-term USDJPY weakness is underway, as the daily chart has broken its minor uptrend from the early-August lows, but I doubt it has much longevity just yet, and the more meaningful move likely waits for the BOJ meeting itself, which lands right near the FOMC on 9/18,” Newton wrote.

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Snowflake’s stock climbed 22% in after‑hours trading Wednesday after the data analytics software provider delivered results and outlook that exceeded Wall Street expectations.

Here’s how the company stacked up against LSEG consensus estimates:

– Adjusted earnings per share: 62 cents vs. 45 cents forecast

– Revenue: $1.55 billion vs. $1.48 billion expected

Snowflake’s revenue surged 35% year over year in the fiscal second quarter ended July 31, according to a statement. The company posted a net loss of $191.7 million, or 55 cents per share, which was narrower than the $297.9 million loss, or 89 cents per share, a year earlier.

The firm highlighted growth from its CoCo artificial intelligence coding agent, which now serves 9,100 customers, adding over 2,000 new accounts during the quarter.

For the fiscal third quarter, Snowflake projected product revenue of $1.59 billion, surpassing the $1.50 billion consensus from analysts polled by StreetAccount. Management also raised its full‑year product revenue outlook to $6.07 billion, up from the $5.84 billion forecast in May, and now expects an adjusted operating margin of 14.5%, wider than the previously projected 13.5%.

As of Wednesday’s market close, Snowflake shares were up 39% year to date, while the S&P 500 had gained roughly 12% over the same span. If the stock climbs Thursday as much as it did in after‑hours trading Wednesday, it would mark the fourth biggest jump since Snowflake’s 2020 IPO.

Executives will discuss the results with analysts on a conference call scheduled for 5 p.m. ET.