Amazon Weighs Special-Purpose Vehicle for Nvidia GPU Financing

Amazon is considering transferring thousands of Nvidia GPUs into a special-purpose vehicle (SPV), which would own the chips and lease them back to Amazon. This 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.

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. This fits the broader shift toward AI infrastructure financed through debt, leases, and special-purpose vehicles.

Nvidia shares were also higher Friday, helped by falling Treasury yields and renewed strength across semiconductor stocks. The bigger story is that GPUs are increasingly being treated like infrastructure assets capable of supporting debt and leasing structures.