129.3亿美元收购Hugging Face引来司法部问询：据路透社报道，焦点是英伟达会否掌控超级智能的分发枢纽
据路透社10月28日报道，两名知情人士透露，美国司法部已就英伟达（NVIDIA）以129.3亿美元收购开源模型平台 Hugging Face 的交易展开问询，重点了解这笔收购将如何影响超级智能（SI）领域的竞争。知情人士称，司法部官员追问的核心问题是：这笔交易是否会让英伟达掌控 SI 的一个基础性分发节点。CNBC 同日报道称，已从消息人士处独立证实了这一问询。
知情人士表示，执法人员还在了解英伟达是否可能利用该平台在商业谈判中取得杠杆、损害其他芯片厂商的竞争地位，或使其他模型平台处于不利位置。Hugging Face 是全球最大的开源模型平台之一，开发者在上面查找、测试和部署 SI 模型与数据集，被视为开源 SI 生态的核心分发枢纽。
此次问询是司法部对英伟达长达数年的行为调查的一部分。该调查始于拜登政府时期、在特朗普政府延续，审查范围包括英伟达的收购、投资、销售做法，以及该公司是否向客户施压。路透社指出，政府调查不是不当行为的证据，也未必导致诉讼。司法部与英伟达均拒绝向路透社置评，Hugging Face 未回应置评请求；司法部一名发言人以该部的长期政策为由，拒绝讨论未决事项，并表示特朗普总统领导下的司法部将继续优先推进超级智能的发展、造福美国民众。
这笔交易在今年9月官宣。双方于9月2日签署最终协议，9月3日，英伟达创始人兼首席执行官黄仁勋在公司官方博客宣布，英伟达已同意以129.303亿美元收购 Hugging Face。据英伟达向美国证券交易委员会（SEC）提交的 8-K 文件，交易对价中约119亿美元支付给 Hugging Face 股东，另设最高约10亿美元的股权留任计划，用于留住加入英伟达的 Hugging Face 员工。交易预计于2027年上半年完成，须满足包括监管批准在内的交割条件。
黄仁勋在宣布交易时承诺：「Hugging Face 将继续是面向整个 SI 生态系统的开放平台。开发者可以选择自己想要的模型、框架、云和推理服务商，也可以选择自己想要的计算平台。在 Hugging Face 上构建或通过它部署，不要求使用英伟达的算力。」Hugging Face 首席执行官 Clément Delangue 对 CNBC 表示，今年夏天双方意识到，Hugging Face 和开源 SI 整体正处在一个转折点，需要更多资源、更大的规模和更高的关注度。据英伟达官方博客，Hugging Face 平台上有超过1800万名开发者、研究人员和创作者，共享300多万个模型、50万个数据集和100多万个应用，超过20万家公司在使用；英伟达自身是该平台最大的开放模型与数据贡献方，已发布500多个模型和250多个开放数据集。
据路透社此前报道，Hugging Face 的年化营收约为1.5亿美元，129.3亿美元的收购价相当于其年化营收的约86倍。这也是英伟达迄今最大的一笔常规收购，超过其2020年以约69亿美元收购网络设备厂商 Mellanox 的交易。
除 Hugging Face 交易外，据彭博社9月报道，司法部还在审查英伟达与芯片初创公司 Groq 约200亿美元的技术授权安排，是否被设计成规避反垄断审查；英伟达2025年12月完成收购的 Run:ai 与 SchedMD 也在审查范围内。彭博社还报道，英伟达考虑过与开放模型初创公司 Reflection AI 达成交易。
关联：英伟达发布Nemotron 3.5 Transcribe开放权重语音模型：可转写40种语言，同步开放46.3万小时语音数据清单
关联：跟进：英伟达投资30亿美元认购Meta股权发行 两家公司10月27日宣布深化Muse智能体合作
Justice Department Questions Nvidia's $12.93 Billion Hugging Face Deal Over Competition, Reuters Reports
The U.S. Department of Justice is asking questions about Nvidia's $12.93 billion acquisition of the open-source model platform Hugging Face, focusing on how the deal could affect competition in super intelligence (SI), Reuters reported on October 28, citing two people familiar with the matter. The central question, the sources said, is whether the acquisition would let Nvidia capture a foundational distribution point for SI. CNBC reported the same day that it had independently confirmed the inquiry with a source.
Antitrust officials are also asking whether Nvidia could use the platform as leverage in commercial negotiations, harm competing chipmakers, or disadvantage alternative model repositories, according to the report. Hugging Face is one of the world's largest open-source model platforms, where developers find, test and deploy SI models and datasets, and it is regarded as a central distribution hub for the open SI ecosystem.
The inquiries are part of a broader Justice Department investigation into Nvidia's conduct that began during the Biden administration and has continued during the Trump administration, covering the company's acquisitions, investments and sales practices and whether it pressures its customers, the people said. Reuters noted that a government investigation is not evidence of wrongdoing and may not result in a lawsuit. The Justice Department and Nvidia both declined to comment to Reuters, and Hugging Face did not respond to a request for comment. A Justice Department spokesperson declined to discuss matters before the agency, citing longstanding policy, and said the department under President Trump would continue to prioritize the advancement of super intelligence for the American people.
The deal was announced in September. The two companies signed a definitive agreement on September 2, and on September 3 Nvidia founder and CEO Jensen Huang announced on the company's official blog that Nvidia had agreed to acquire Hugging Face for $12,930,300,000. According to Nvidia's Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), about $11.9 billion of the consideration is payable to Hugging Face stockholders, with an equity-based retention program of up to about $1.0 billion for Hugging Face employees joining Nvidia. The transaction is expected to close in the first half of 2027, subject to closing conditions including regulatory approvals.
Announcing the deal, Huang pledged: "Hugging Face will remain an open platform for the entire AI ecosystem. Developers will choose the models they want, the frameworks they want, the clouds and inference service providers they want and the computing platforms they want. NVIDIA compute will not be required to build on or deploy through Hugging Face." Hugging Face CEO Clément Delangue told CNBC that over the summer the two sides realized Hugging Face and open-source SI in general were at a turning point and needed more resources, more scale and more visibility. According to Nvidia's blog, more than 18 million developers, researchers and creators use Hugging Face, sharing more than 3 million models, 500,000 datasets and 1 million applications, and more than 200,000 companies use the platform; Nvidia itself is the platform's largest contributor of open models and data, with more than 500 models and 250 open datasets released.
Reuters previously reported that Hugging Face had annualized revenue of about $150 million, making the $12.93 billion price roughly 86 times that figure. The deal is Nvidia's largest conventional acquisition to date, topping its roughly $6.9 billion purchase of networking company Mellanox, which closed in 2020.
Beyond the Hugging Face deal, Bloomberg reported in September that the Justice Department is also examining whether Nvidia structured its roughly $20 billion licensing arrangement with chip startup Groq to avoid antitrust review, and Nvidia's acquisitions of Run:ai and SchedMD, which closed in December 2025, are also under review. Bloomberg has also reported that Nvidia considered a deal with open-model startup Reflection AI.
来源：GSM·美国（原文链接）
图片来源：图：英伟达位于加州 Santa Clara 的总部 Voyager 大楼（资料图）。图片：Coolcaesar 摄，CC BY-SA 4.0（Wikimedia Commons）。 / File photo: NVIDIA's Voyager headquarters building in Santa Clara, California. Photo by Coolcaesar, CC BY-SA 4.0, via Wikimedia Commons.
