Amazon in talks to move ~$8B of Nvidia Grace Blackwell chips into an off-balance-sheet vehicle

The Financial Times reports Amazon is negotiating to transfer about $8 billion of deployed Grace Blackwell hardware into an outside-backed special-purpose vehicle and lease it back, with a possible equity sale and debt issuance on top. GPU financialization is here: chips as collateral, capacity as a lease. For founders it is a reminder that the cost of compute you rent is increasingly a function of credit markets, not just Nvidia's price list.