Amazon has discussed transferring thousands of Nvidia GPUs, previously reported as roughly $8 billion of Grace Blackwell hardware, into a special-purpose vehicle that would own the chips and lease them back to the company. The vehicle could raise outside debt and sell an equity stake to investors, while Amazon may retain an interest of as much as 10%, according to separate reports. The proposed sale-leaseback would allow Amazon to keep using GPUs in AWS data centers while shifting part of the funding, ownership and residual-value exposure to outside investors. It comes as Amazon plans more than $200 billion in 2026 capital expenditure, largely for AWS data centers, AI chips and supporting infrastructure. Amazon shares have gained roughly 8% in 2026, and Goldman Sachs added the stock to its Conviction List with a $375 price target. Amazon has also raised EC2 Capacity Blocks for ML prices by roughly 15%, with revised rates taking effect next week. The financing discussions highlight a broader effort to treat GPUs as infrastructure assets that can support debt and leasing structures, even as lenders and chipmakers differ over how long the hardware retains economic value amid rapid product cycles.