Amazon in Talks to Move $8B of Nvidia Grace Blackwell Chips Into Off-Balance-Sheet SPV

The Financial Times reports Amazon has approached outside investors about transferring roughly $8 billion of installed Nvidia Grace Blackwell chips into a special-purpose vehicle, then leasing the hardware back to continue running it. The chips are already deployed across more than a dozen US data centers in five states including Nevada and Virginia; the SPV could issue debt and sell up to a 10% equity stake to shift the AI capex off Amazon's balance sheet.