Amazon Eyes $8B Deal to Move Nvidia Chips Off Balance Sheet

Amazon is in exploratory talks to move approximately $8 billion worth of Nvidia Grace Blackwell AI chips off its balance sheet. Under the proposed structure, the hardware would be transferred to a special-purpose vehicle and then leased back to the cloud giant, allowing operations to continue without interruption.

The chips in question are already active in more than a dozen data centers across at least five states, including Nevada and Virginia. The plan involves outside investors providing the necessary funding for the vehicle, primarily through debt. These investors could also receive a 10% equity stake in the venture to provide upside beyond standard interest payments.

Amazon has significantly ramped up its hardware procurement recently. The company committed to purchasing over 1 million Nvidia GPUs by March 2026 and followed up with an order for an additional 2 million in August 2026, pushing its total 2026 orders above 3 million units.

By utilizing an asset-light model, Amazon aims to maintain its deployment capacity while easing near-term capital expenditure pressure. The arrangement would allow the company to utilize the hardware without bearing the full upfront costs associated with ownership.

For outside investors, the deal represents a way to gain exposure to AI infrastructure by funding the hardware directly rather than purchasing equity in Amazon or Nvidia. Returns for these participants would be tied to Amazon's ongoing lease payments.

Discussions regarding the deal remain in the early stages. No terms have been finalized, and neither Amazon nor Nvidia has provided public comment on the reports.