Amazon.com Inc. (NASDAQ: AMZN) is reportedly seeking to transfer approximately $8 billion worth of advanced Nvidia Corp. (NASDAQ: NVDA) artificial intelligence chips to outside investors. The move involves creating a special-purpose vehicle to own thousands of Grace Blackwell chips currently deployed across more than a dozen Amazon data centers located in five U.S. states, including Nevada and Virginia.
Under the proposed structure, Amazon would lease the chips back from the vehicle, which could raise capital by issuing debt. The company aims to secure an investment-grade credit rating to broaden access to institutional investors, such as insurance companies and pension funds. The discussions, which are preliminary and subject to change, could offer investors an equity stake of up to 10%, while Amazon would not retain an ownership interest in the vehicle.
Amazon has been increasing its capital spending to support AI infrastructure. In July, CEO Andy Jassy raised the company's 2026 capital spending target by $20 billion to a range of $200 billion to $220 billion. This increase was attributed to soaring memory chip prices and continued demand for AWS infrastructure. Jassy noted that despite the higher spending, Amazon expects to remain unable to meet all customer demand in 2026 and likely 2027.
Regarding the financial outlook, AWS Chief AI and Technology Officer Matt Wood stated that the company expects lower AI costs and fewer technical barriers as computing capacity expands and efficiency improves. Meanwhile, KeyBanc Capital Markets suggested that Amazon’s heavy AI infrastructure spending could pressure near-term margins but strengthen its competitive position and support durable AWS earnings growth through the end of the decade.
