Observed Signal · Dec 19, 2022 · M&A - Announced · Source: Trending Topics · Impact: 4/5 · Sentiment: Neutral
Elon Musk Polls Twitter CEO Future; Nvidia Acquires Hugging Face
This article covers two developments. Elon Musk launched a Twitter poll asking his roughly 122 million followers whether he should resign as Twitter CEO; more than 12 million votes were cast, with about 56% favoring his departure. The poll follows criticism over journalist account bans, blocking rival social media links, and accusations by EU Vice President Vera Jourova. Tesla shareholders are concerned, as Tesla's stock has fallen about 60% year-to-date. Separately, Nvidia announced it will acquire Hugging Face for $12.93 billion, confirmed by CEO Jensen Huang. The deal aims to provide Hugging Face with infrastructure while keeping the platform open and multi-cloud, and is part of Nvidia's open-weights strategy. Hugging Face hosts over three million AI models and counts 18 million developers. The transaction remains subject to regulatory approval.
Nvidia's $12.93B acquisition of Hugging Face reshapes the open AI model ecosystem and could influence AI infrastructure broadly; Musk's Twitter CEO poll highlights instability at a major social ad platform.
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Key Takeaways & Evidence Grounding
- Elon Musk polled his ~122 million followers on whether he should step down as Twitter CEO; about 56% of over 12 million votes said yes.
- Tesla shares have lost about 60% of their value since the start of the year, with the company's market cap around $475 billion.
- Nvidia announced it will acquire Hugging Face for $12,930,300,000.
- Hugging Face hosts over 3 million models, 500,000 datasets, and 1 million apps, used by 18 million developers and 200,000 companies.
- The acquisition is not yet closed and is expected to face antitrust review.
Connected Companies & Entities
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“Tesla's stock has lost about 60% of its value since the start of the year; shareholder Leo KoGuan called for a new CEO....”
“Salesforce participated in Hugging Face's last major funding round....”
“Google participated in Hugging Face's last major funding round....”
“Amazon participated in Hugging Face's last major funding round....”
“AMD participated in Hugging Face's last major funding round....”
“Intel participated in Hugging Face's last major funding round....”
“Qualcomm participated in Hugging Face's last major funding round....”
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AI Stocks Sink as OpenAI Revenue Misses Reported Figure
Shares of Nvidia, Oracle, CoreWeave and other AI-related companies fell on Thursday after details emerged about OpenAI's revenue. OpenAI told investors it reached roughly $50 billion in annualized revenue at the end of September, lower than the widely reported $68 billion figure. A person familiar with the matter said the $68 billion figure included gross revenue from partners, making it more comparable to Anthropic. OpenAI also highlighted 77% total run rate growth in Q3 and 107% growth in enterprise business. The company is preparing for a potential IPO, with a valuation of $852 billion, and is in early talks to raise around $30 billion in new funding.
US suspends Microsoft, Adobe from green card labor program
The U.S. Department of Labor announced the suspension of Microsoft and Adobe from its Permanent Labor Certification program, along with Cognizant, Infosys, Capgemini, Tata, Wipro, and HCL. Secretary Keith Sonderling cited active federal investigations for Microsoft and Adobe, and criticized the companies for allegedly taking jobs from American workers. Vice President JD Vance specifically accused Microsoft of replacing laid-off workers with H-1B visa holders. Microsoft responded by defending its hiring practices, stating that the majority of its U.S. employees are Americans and that most H-1B petitions are for existing employees. The announcement was made during a White House summit on H-1B fraud, coinciding with President Trump honoring several tech CEOs with the National Medal of Science.
TSMC Q3 Revenue Up 51% to Record, Stock Falls
TSMC reported a 51% increase in third-quarter revenue to 1.49 trillion Taiwan dollars (EUR 41.7 billion), surpassing expectations. The semiconductor giant, a key supplier to Apple and Nvidia, continues to benefit from the AI boom and strong chip demand. However, the stock declined despite the record results. The company plans to invest EUR 52-56 billion in expanding its manufacturing facilities this year, including a joint venture with Sony for image sensors. TSMC's market capitalization is approximately USD 2.45 trillion, making it the most valuable company outside the US. The company's growth is also boosting Taiwan's economy, with exports rising over 70% in August and GDP expected to grow 11% in 2026.
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