THIS WEEK IN AI: Nvidia Acquires HuggingFace, Leopold vs SEC, New Waymo Chip

August 28, 2026

AI Summary

5 min read

Nvidia’s Earnings, a $13 Billion Acquisition, and a Chinese Chip Breakthrough

This week’s roundup covers a dense stretch of news: Nvidia reported quarterly revenue that surpasses the annual revenue of roughly 480 S&P 500 companies, then announced the $13 billion acquisition of Hugging Face, the open-source AI platform. Meanwhile, a mystery model that offered free inference at massive scale was revealed to be Zhipu AI’s GLM-5.3 Flash, running entirely on Chinese silicon for the first time. Waymo unveiled a new chip 20x more powerful and 5x cheaper than its predecessor, Tesla’s CyberCab is rolling out in select cities, and Leopold Aschenbrenner’s fund is being investigated by the SEC.

Nvidia’s Earnings: Unprecedented Scale, No End in Sight

Nvidia is printing roughly a billion dollars in revenue every single day it operates. The company’s quarterly revenue now exceeds the annual revenue of 480 of the S&P 500. Growth is running at 100% year over year, and Nvidia is guiding for 70% year-over-year growth in 2028 — well above the 44% Wall Street had expected. Every major bank raised its price target, with the highest at $420 per share.

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What you'll learn

1 THIS WEEK IN AI: Nvidia Acquires HuggingFace, Leopold vs SEC, New Waymo Chip
2 (00:00) **Nvidia Quarterly Earnings Record** - Nvidia reports nearly $100 billion in quarterly revenue, growing 100% year-over-year
3 (02:17) **Jensen Huang Dismisses Competition Concerns** - Jensen responds to questions about OpenAI's new Jalapeno chip on CNBC
4 (03:38) **Why Nvidia's Revenue Keeps Growing** - Three factors driving continued exponential growth despite competition
5 (05:06) **Nvidia Acquires HuggingFace for $13 Billion** - The biggest acquisition of Jensen's career targets the open source AI platform
6 (07:25) **Three Reasons for Nvidia's Open Source Pivot** - Strategic rationale behind the HuggingFace acquisition
7 (09:25) **Conspiracy Theory: Nvidia's Cloud Play** - HuggingFace could launch Nvidia into direct competition with AWS and GCP

+ Full timestamped outline available in the app

Show Notes

We cover NVIDIA’s record earnings, strong GPU demand, and its position in the AI chip market, along with reported moves involving Hugging Face and open source AI. We also discuss Z.ai’s new model, Waymo’s autonomous vehicle hardware updates, SEC scrutiny of Leopold Aschenbrenner, and recent developments in robotics and Apple’s upcoming event.

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TIMESTAMPS

0:00 NVIDIA’s Record Quarter
5:05 Hugging Face Joins NVIDIA
9:26 Cloud Margins and the Chip Play
11:36 GLM 5.3 Flash Emerges
15:40 Waymo’s New Hardware Leap
19:48 Tesla’s CyberCab Challenge
23:24 Leopold Under SEC Scrutiny
25:44 Anthropic Usage Looks Flat
29:27 Agents Need Better Security
30:20 Robotics Learns From Video
34:07 Apple’s Big September Event
36:36 Sam Altman’s Rare Watches

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RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.