Nvidia announced Thursday that it will buy AI developer platform Hugging Face in a deal valued at approximately $12.9 billion.

The chipmaker is betting that growing demand for the open-source AI models hosted on Hugging Face will fuel future growth, even as some of Nvidia’s largest customers develop their own chips to reduce their dependence on the company.

Nvidia CEO Jensen Huang said Hugging Face will remain an open-source platform. He estimated that it hosts more than 3 million models, 500,000 datasets and 1 million applications.

“Open models let startups, businesses, universities and public institutions build on advanced capabilities…

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