Overview
- A Financial Times report published Friday says Amazon has held exploratory talks to move roughly $8 billion of Nvidia Grace Blackwell GPUs into a special‑purpose vehicle that Amazon would then lease back.
- The chips named in coverage are already running in more than a dozen U.S. data centers across at least five states, so any deal would change ownership and financing but not day‑to‑day operations.
- Under the reported structure outside investors would primarily fund the vehicle with debt and could receive up to a 10 percent equity stake in the SPV.
- The talks are described as exploratory with no settled terms and no public comment from Amazon or Nvidia, and they come after AWS confirmed commitments to take more than 3 million Nvidia GPUs through 2028.
- If completed, the deal would let AWS lighten near‑term capital spending and give lenders direct exposure to AI hardware returns, but risks include unsettled pricing, delivery timing and the absence of company confirmation.