Amazon.com Inc. (NASDAQ:AMZN) is reportedly seeking to transfer about $8 billion of advanced Nvidia Corp. (NASDAQ:NVDA) artificial intelligence (AI) chips to outside investors through a new financing vehicle, in a move that could make the cloud provider’s balance sheet more asset-light.
The company has held talks with investors in recent weeks about creating a special-purpose vehicle to own thousands of Grace Blackwell chips deployed across more than a dozen Amazon data centers in five U.S. states, including Nevada and Virginia, the Financial Times reported on Friday, citing people with knowledge of the matter.
Amazon would then lease the chips back from the vehicle, which could raise capital by issuing debt. An investment-grade credit rating could broaden access to institutional investors, including insurance companies and pension funds, with Amazon’s current double-A credit profile potentially supporting the rating.
The proposed structure could also offer investors an equity stake of up to 10%, while Amazon would not retain an ownership interest in the vehicle, according to the report. The discussions are still preliminary and could change.
Amazon and Nvidia did not immediately respond to Benzinga’s request for comments.
Amazon Bets Big on AI Infrastructure
In its second-quarter earnings call in July, Amazon CEO Andy Jassy said the company is raising its 2026 capital spending target by $20 billion to $220 billion, citing soaring memory chip prices and continued demand for AI and AWS infrastructure.
At the time, Jassy said Amazon had already accessed debt markets and has multiple financing options available, but did not disclose how it would fund future expansion. Despite the higher spending, he expects Amazon to remain unable to meet all customer demand in 2026 and likely 2027, with strong demand already visible for 2028.
On Thursday, AWS Chief AI and Technology Officer Matt Wood said that he expects lower AI costs and fewer technical barriers as computing capacity expands and efficiency improves, making AI more accessible to businesses and users.
Meanwhile, KeyBanc Capital Markets argued that Amazon’s heavy AI infrastructure spending could pressure near-term margins but strengthen its AI moat and support durable AWS earnings growth through the end of the decade.
Price Action: On a year-to-date basis, Amazon stock climbed 7.54%, as per Benzinga Pro. During the Friday pre-market trading session, it is trading 0.58% higher at $249.68.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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