Amazon.com, Inc. (NASDAQ:AMZN) is reportedly considering moving roughly $8 billion of Nvidia Grace Blackwell chips into a special-purpose vehicle financed by outside investors, then leasing the hardware back. The proposed structure would make part of Amazon's enormous AI buildout more asset-light at a time when its capital spending is expected to reach $220 billion this year. That creates a more important valuation question than the financing structure itself: is Amazon.com, Inc. (NASDAQ:AMZN) simply optimizing how it finances profitable AI capacity, or is the scale of investment becoming large enough that protecting the balance sheet now matters more?
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