AI Pin maker Humane is shutting down, with HP buying some assets

• The company also said it will soon disable the functioning of its AI Pin devices, leaving customers with a pricey paperweight.

Driving the news: HP said in a statement it is buying Humane's AI-powered platform Cosmos as well as a portfolio of intellectual property, including more than 300 patents and patent applications.

• HP is using the acquisition to form a new AI innovation lab dubbed HP IQ.
• The deal, which will see Humane co-founders Bethany Bongiorno and Imran Chaudhri join HP, is expected to close later this month.

Zoom in: Humane said in an FAQ that it is shutting down most services for the AI Pin on Feb. 28, including calling, messaging, AI queries and cloud access.

• It said it will only provide refunds to those who have purchased the device within the last 90 days.

What they're saying: "This investment will rapidly accelerate our ability to develop a new generation of devices that seamlessly orchestrate AI requests both locally and in the cloud," Tuan Tran, HP president of technology and innovation, said in a statement.