The Hugging Face startup on Wednesday, October 23, announced that it is releasing a new open-source software offering with Amazon.com, Alphabet’s Google, and others.
The mentioned product aims to reduce the costs associated with building chatbots and other artificial intelligence systems.
Hugging Face, based in New York, has become a central place where artificial intelligence software developers share code. Currently, this startup is valued at $4.5 billion. It is a key distribution point for open-source AI technologies such as Meta Platforms’ Llama.
At the same time, it is worth noting that translating open-source artificial intelligence models into a working chatbot that runs on Nvidia or Advanced Micro Devices (AMD) chips takes a lot of additional actions.
The mentioned startup on Wednesday released a paid offer called HUGS, short for Hugging Face for Generative AI Services. This functional solution automatically performs the work required for translating open-source artificial intelligence models into a chatbot.
Hugging Face will offer its new product through Amazon and Google cloud computing services for $1 per hour or on Digital Ocean, a specialty cloud computing company. Firms will also be able to download the startup’s offering to run in their own data centers.
Jeff Boudier, head of product and growth at Hugging Face, said that the product presented on Wednesday is designed to help companies control the costs of efforts regarding artificial intelligence and keep their data confidential, which is a major concern in industries such as finance and healthcare, where strict rules apply to personal information of customers. Also in this context, the existence of an anomaly was mentioned, in which it is normal practice to outsource machine intelligence technology to third parties and black box systems. Jeff Boudier stated that at a certain point, companies wanted to build their own technologies and understand and control the relevant products. Separately, it was noted that Hugging Face tries to make it as easy as possible for firms to develop their artificial intelligence using the best available open models.
As we have reported earlier, Morgan Stanley Expands OpenAI-Powered Chatbot Tools to Wall Street Division.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
