Hugging Face CEO Clément Delangue turned down a $500 million investment offer from Nvidia at a $7 billion valuation late last year, a sum larger than everything the company had raised since its founding in 2016. The official reason was that the company did not want a single dominant investor in a position to sway its decisions, while Delangue indicated they simply did not need the money. Hugging Face has not raised capital in nearly three years and is funding its growth through revenue. The company was last valued at $4.5 billion in a $235 million Series D in 2023 led by Salesforce, with Google, Amazon and Nvidia among the backers. Delangue says if there is an A.I. bubble, it is concentrated on large language models, which have absorbed 95 percent of the investment, value and attention. He believes under-loved domains include biology, chemistry, finance, legal and robotics. At the end of last year, the number of models on Hugging Face devoted to modalities other than text surpassed those devoted to text for the first time. Delangue admitted his prediction about the importance of open-source models was "maybe a little bit too ambitious and too early," but he now sees a tide turning with open-weight models from China and inference providers posting significant revenue growth.