According to Reuters, Amazon has discussed transferring thousands of Nvidia GPUs into a special-purpose vehicle, or SPV, which would own the chips and lease them back to Amazon. The vehicle could raise outside debt and potentially sell investors an equity stake.
The proposal comes as Amazon prepares for more than $200 billion in capital spending this year, much of it tied to AWS data centers, AI chips and supporting infrastructure.
Amazon Wants the Compute Without Owning All the Hardware
The structure would effectively work as a sale-and-leaseback.
Amazon could continue using the same GPUs inside AWS data centers while outside investors own the hardware and absorb part of the financing and residual-value risk.
That fits the broader shift toward AI infrastructure financed through debt, leases and special-purpose vehicles.
Amazon Stock Gains as AI Spending Expands
Amazon has gained roughly 8% in 2026, while Goldman Sachs recently added the stock to its Conviction List with a $375 price target.
That support suggests investors remain comfortable with Amazon’s heavy AI spending, especially as AWS looks for ways to improve the economics of expensive GPU infrastructure.
Nvidia shares were also higher Friday, helped by falling Treasury yields and renewed strength across semiconductor stocks.
GPUs Are Becoming Financial Assets
The bigger story is that GPUs are increasingly being treated like infrastructure assets capable of supporting debt and leasing structures.
That creates a valuation problem. Nvidia argues its chips can remain productive for years, while lenders often assume much shorter economic lives because new generations arrive quickly.
That tension is already central to Wall Street’s scrutiny of Nvidia’s $500 billion AI financing push.