Amazon weighs an $8B Nvidia chip leaseback

Amazon is exploring a plan to move about $8 billion of Nvidia Grace Blackwell chips into an outside-funded special-purpose vehicle and lease them back, according to Reuters’ report carried by The Economic Times. The proposed vehicle would cover thousands of chips across more than a dozen U.S. data centers, issue debt, and sell as much as a 10% equity stake, turning installed accelerators into balance-sheet financing rather than fresh capacity. Builders should file this alongside Lambda’s fixed-rate GPU financing test: the next AI-cloud constraint may be who owns the hardware and bears residual-value risk, not just who can order it.