Amazon Reportedly Shifts $80B Nvidia AI Chips to SPV in Lease-Back Deal
SingTao · 2 SOURCESabout 3 hours ago1 MIN
Summary
Amazon is reportedly exploring a financial structure to move approximately $80 billion worth of Nvidia AI chips off its balance sheet. The plan involves transferring thousands of Grace Blackwell chips—currently distributed across more than a dozen US data centers—to a newly created special purpose vehicle, then leasing them back for continued use. This arrangement would let Amazon maintain access to critical AI infrastructure while shifting toward asset-light financing.
Key Points
- Amazon plans to transfer about $80 billion in Nvidia Grace Blackwell chips to a new SPV, then lease them back
- The chips are distributed across more than 10 US data centers, and the SPV would issue bonds and sell up to 10% equity
- If the SPV obtains investment-grade credit ratings, insurance companies and pension funds could become investors
- Amazon expects capital expenditure of $220 billion this year, with the vast majority allocated to AI infrastructure
- Competing AI service providers like Google and Microsoft are also pouring billions into data center hardware and GPU capacity
Why It Matters
The proposed structure signals a broader shift in how tech giants finance AI infrastructure, with spending projected to reach $9 trillion cumulatively by 2031. For Hong Kong investors, such arrangements could eventually open doors to AI infrastructure investment through traditional institutional channels if SPVs achieve investment-grade status.
The proposed structure signals a broader shift in how tech giants finance AI infrastructure, with spending projected to reach $9 trillion cumulatively by 2031. For Hong Kong investors, such arrangements could eventually open doors to AI infrastructure investment through traditional institutional channels if SPVs achieve investment-grade status.