On October 2, The Financial Times reported, citing sources with knowledge of the situation, that Amazon is set to streamline its balance sheet. It plans to do this by transferring AI chips from Nvidia, which are worth approximately US$8 billion, to external investors. This transfer will be facilitated through the creation of a Special Purpose Vehicle (SPV). Recently, Amazon has been in talks with investors to assess the level of market interest in this proposed deal. As part of the plan, Amazon will transfer thousands of Grace Blackwell chips, which are currently deployed in data centers across the United States, to the SPV. Subsequently, Amazon will lease these chips back from the SPV. The SPV aims to draw in external investors by issuing bonds. This strategic move will allow Amazon to shift towards a more asset-light approach in managing its balance sheet. Investors are optimistic that, given Amazon's double-A credit rating, the SPV is likely to obtain an investment-grade credit rating. This, in turn, is expected to broaden the pool of potential investors, attracting entities such as insurance companies and pension funds. Moreover, Amazon has plans to offer up to a 10% equity stake in the SPV. However, it will not retain any equity stake for itself.