Amazon plans to move $8 billion in Nvidia chips to a special entity and lease them back

The Financial Times reports that Amazon is looking to move about $8 billion worth of Nvidia Grace Blackwell AI chips into a special purpose entity (SPV), then lease those chips back from the SPV.

People familiar with the matter say the chips involved in the proposed deal are spread across more than ten data centers in five U.S. states. The new SPV is expected to get an investment-grade credit rating and will later raise outside investor money by selling shares and issuing bonds.

The sale-and-leaseback approach could help Amazon ease the debt pressure from its huge AI infrastructure spending and move toward a relatively asset-light operation.