据《金融时报》报道，亚马逊计划向投资者出售价值80亿美元的英伟达芯片

Domain: reuters.com Points: 49 | Comments: 43 [Top Comments] - The beginning of the bubble deflate? - Sounds like a ponzi type scheme to me. The will "sell" installed existing chips to investors and then lease them back. So when the chips are obsolete or replaced, what will happen to the investment ? Sounds very shady to me. But also sounds like what companies do with real estate, except land does not get obsoleted. - I'm just trying to understand this more, can someone please give more insight? So Amazon bought a bunch of nVidia hardware, and has been installing it in their datacenters. These are supposedly in-service for Amazon customers, a lot of it available and in-use today. This is creating a SPV company, have that SPV take out loans, have the SPV buy the hardware still installed in Amazon's datacenters, and then Amazon rents the hardware they previously bought and installed from the SPV? This sounds like an expensive shell game paying expensive finance bros to make some numbers on papers look a little different. What do they really gain from this? Is this just because Amazon wants ~$8B in cash today, like taking a cash-out refinancing on your home? Doesn't Amazon have over a hundred billion dollars in cash on hand? If you've got a pile of money in your house sitting around, why would you do a cash-out refinancing at a time of high interest rates? - Did you notice anything about their quant? - *If you've got a pile of money in your house sitting around, why would you do a cash-out refinancing at a time of high interest rates?* Maybe the rates to do leasebacks on physical items are better, than rates for loans to build datacenters? Could be leasing has large tax(deductible) advantages too. Also interest rates aren't high, they're still low taken over historical trends. Thos may mean that tax deductions, written decades ago, do well still via leasing vs depreciating the hardware. - > why would you do a cash-out refinancing at a time of high interest rates? If future interest rates are much worse much more quickly, it can be profitable. IE: get a bunch of cash today locked at 10%, then lend out the money next year at 20%. I dunno if that's the plan but there's so many possibilities in finance that it's hard to get what someone else is thinking even if their moves are public. - Nothing to see here folks. Nothing at all. - Also today: Nvidia stock hits new all-time high - are they trying to pull off what meta did? link - [https://www.reuters.com/legal/transactional/meta-set-clinch-...](https://www.reuters.com/legal/transactional/meta-set-clinch-nearly-30-billion-financing-deal-louisiana-data-center-site-2025-10-16/) - - Is all this a tax evading thing? so you move all those assets to the other company, the datacenter that is installed on a place that gives them a lot of tax advantages because "it will create thousands of work positions" gets then to be assigned to a shell company that declares the whole thing experimental and gets a lot of tax benefits that may result in "tax returns" paid from taxes from the people? LOL how many dips are there in that scheme? - It’s starting… buckle up folks. It’s a shame we won’t have Anthony Bourdain to explain this move to us in the AI implosion docu-flick that comes out in 2029. It’s not stale fish, it’s fish stew! It’s a whole new thing! - This looks just like financial engineering / creative accounting; to comply with things like GAAP rules and appearing less capex heavy, while functionally having the same effect. In the end, Amazon is still going to be the ones leasing and hence using the chips; nominally the 'owner' changes hands, and it looks like a bond (with a small equity component) in just about every way, except through some legal and accounting magic, it doesn't go on their balance sheet. - They vibe-coded an asset class using the same chips they’re leasing back to themselves. This is the new dogfooding. - For the sake of RAM prices I wish you were correct, but I doubt it. Amazon is more likely just making some cash in a very rational way. - Meanwhile I can't afford a new gpu or ram...or cpu now. - CPUs are cheap. No one is buying them because the RAM to go along with them is so expensive. - Chips are automatically a depreciating asset - is there a historical basis for understanding how that affects companies, and how that will affect GPU-centric companies? - Chip assets are a vanishingly small fraction of the valuation of these companies. If they were to depreciate instantly and need to be replaced at cost every year (assuming the fabs had capacity to produce them) it wouldn't move the needle. This is like asking if there's a historical basis for understanding how the depreciation of garden sprinklers affects home value appreciation. - Earlier: - A somewhat more accurate headline would be "Amazon seeks to leaseback a bunch of chips, many of which it's using, but some are just sitting around in a warehouse". Entirely sensible move on their part, and no, it's not a sign of a bubble bursting; it's a sign of nVidia chips becoming a tradeable, fungible commodity, which is an extremely good thing for nVidia. - > Amazon plans to offer an equity stake of up to 10% in the vehicle, the newspaper said. 10% is not a lot. There is a lot of investment money looking for any AI investment right now. Family offices through large institutional investors have made mandates to allocate to AI investments. Amazon is in a perfect position to scoop up some of those investment dollars. This is an easy way for them to take advantage of the market conditions. The doomers are going to assume this is a sign of bubble bursting, but I think Amazon is being smart and weighing their options for financing. If you haven’t kept up with the markets, rates have gone up a lot. If investors are willing to hand you cash to finance your buildout in exchange for something like this, it’s worth considering. - You’re grasping at straws with this - your unsubstantiated claims are worse than the doomers