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Big Tech is turning AI hardware into a Wall Street asset class
2026 年 10 月 3 日 · 星期六本期：AI 基建融资 · 表外负债 · 芯片租回
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Amazon is in talks to move about $8bn of Nvidia AI chips into a special-purpose vehicle financed by outside investors, then lease them back. The deal would flatter its balance sheet without shrinking its AI build-out — and it hides risk.
亚马逊正与投资者洽谈，拟把约 80 亿美元的英伟达 AI 芯片装入一个由外部投资者出资的特殊目的载体，再租回来用。这笔交易会让它的资产负债表更好看，却不必缩减 AI 建设规模——代价是把风险藏了起来。
$8bn
Nvidia chips — the value of advanced AI hardware Amazon wants to move off its balance sheet.
亚马逊打算移出资产负债表的先进 AI 芯片价值。
10%
Equity stake — the most Amazon would offer outside investors. It would own none of the vehicle itself.
亚马逊拟向外部投资者出让的股权上限；它自己不持有该载体任何股份。
$220bn
Amazon capex — expected capital spending this year, mostly on AWS chips and data centres.
亚马逊今年预期资本开支，大部分投向 AWS 的芯片与数据中心。
$3tn
Off the books — commitments disclosed by nine big US tech groups, per a Wall Street Journal review of filings.
九家美国科技巨头披露的表外承诺规模（《华尔街日报》核对财报脚注所得）。
$1tn
New debt — what big tech is expected to issue in coming years; about $500bn of AI financing was raised this year.
科技巨头未来数年预计新增发债规模；今年以来 AI 相关融资已达约 5000 亿美元。
$42bn
Broadcom to Anthropic — a loan tied to a five-year chip leasing commitment, a case of circular financing.
Amazonseeks to offload$8bn of Nvidia chipsto investors
亚马逊寻求把 80 亿美元的英伟达芯片转让给投资者
PARA 01
Amazonis seeking to offloadabout $8bn of advanced Nvidia chipsto external investors through a new vehicleaimed at strengthening its balance sheet,according to people familiar with the matter.
The Seattle-based cloud gianthas held talks with investors in recent weeksto gauge interest in the deal,which would allow the company to spin off thousands ofGrace Blackwell chips it is deploying in data centres across the USinto a special-purpose vehicle.1
Amazonwill then lease the advanced AI chips back from the SPV,2which would tap outside investors through debt issuance.By unloading the expensive semiconductors to investors,the companycould adopt a more asset-light approach to its balance sheet.3
亚马逊随后会从该载体把这些先进 AI 芯片租回来，而该载体将通过发行债券向外部投资者融资。通过把这些昂贵的半导体转让给投资者，公司就能在资产负债表上采取更「轻资产」的做法。
The kind of accelerator at the centre of the deal: Nvidia's Grace Blackwell generation.这类加速卡就是这笔拟议交易的核心资产。Unsplash 无版权图库素材（非新闻原图、非涉事芯片实拍），仅作示意。
PARA 04
Amazondeclined to comment.
亚马逊拒绝置评。
PARA 05
The proposed movecomes astech giants seek creative ways to finance massive spending on data centre infrastructure.Much of the cost associated with the build-out of these facilitiesis tied tothe chips used to train advanced AI models.
这一拟议动作出现的背景是，科技巨头正在寻找更有创意的办法，为数据中心基础设施的巨额支出融资。这些设施建造中的大部分成本都系于用来训练先进 AI 模型的芯片。
PARA 06
Tech companiesare pursuinga range of strategies to move debt off their balance sheetsto preserve their creditworthiness.
科技公司正在采用一系列把债务移出资产负债表的策略，以保住自己的信用资质。
PARA 07
Theyhave usedresidual value guarantees,4providing lenders with assurances about the future value of chips or data centres,without borrowing cash to finance projects themselves.The approach has obscured the amount of risk that tech giants are taking on.
Investorsexpectthe entity will receive an investment-grade credit rating5based on Amazon's current double A rating,paving the way for a broader base of investors such as insurance and pension fundsto join the deal.
投资者预期，该载体将获得投资级信用评级，凭借的是亚马逊目前的 AA 信用评级；这为保险资金、养老基金等更广泛的投资者群体参与这笔交易铺平了道路。
PARA 09
Amazonalso plans to offeran equity stake of up to 10 per cent in the vehicle,meaning that it will not own any stakes in the entity.
亚马逊还计划出让该载体至多 10% 的股权，这意味着它自己不会持有该实体的任何股份。
Chart 1 | How the proposed structure would workSchematic drawn from the arrangement described in the Financial Times, 2 Oct 2026. Figures and ratios are as reported; the deal is not yet final.
PARA 10
Discussions between Amazon and investorsare ongoing and are subject to change,the people added.
亚马逊与投资者之间的磋商仍在进行，且可能发生变化，上述知情人士补充说。
PARA 11
Amazonbought or leased the chips involved in the proposed dealand they have been deployed in more than a dozen US data centres across five states,including Nevada and Virginia,the people added.
Halls like these, across more than a dozen US data centres in five states, hold the chips.部署在美国五个州、十余座数据中心里的，就是这类机架与线缆。Unsplash 无版权图库素材（非新闻原图），仅作示意。
PARA 12
Nvidia's Grace Blackwell chipsare some of the semiconductor group's most advanced,but will soon be superseded by its latest Vera Rubin offering.Leading AI labs such as OpenAI and Anthropic — in which Amazon has committed to invest as much as $83bn —use the latest chips to train their models.Previous generations of silicon continue to be used for running applications.
英伟达的 Grace Blackwell 芯片属于这家半导体公司最先进的产品之列，但很快会被其最新的 Vera Rubin 系列取代。OpenAI、Anthropic 等领先的 AI 实验室——亚马逊已承诺向它们投资至多 830 亿美元——用最新芯片来训练模型。而上一代芯片则继续用于运行各类应用。
PARA 13
Amazonexpects each series of semiconductors to lastat least five years,according to regulatory filings.
亚马逊预计每一代半导体的使用寿命至少为五年，这是其监管申报文件中的说法。
PARA 14
Amazonis expected to spend$220bn in capital expenditure this year,6the majority of which will be allocated towards its cloud unit AWSfor the purchase of advanced chips and the wider build-out of AI data centres.
亚马逊预计今年将支出2200 亿美元的资本开支，其中大部分将投向其云业务部门 AWS，用于采购先进芯片以及更大范围地建设 AI 数据中心。
PARA 15
Nine of the largest US technology companiescarriedabout $3tn of off-balance-sheet commitments,7most of them tied to AI,according to a Wall Street Journal analysis of footnotes in their most recent securities filings.
美国最大的九家科技公司合计背负着约 3 万亿美元的表外承诺，其中大部分与 AI 相关，这是《华尔街日报》分析它们最新证券申报文件脚注后得出的。
Chart 2 | Big Tech's AI bill: what is booked, and what is notBasis: footnotes to the latest filings of Alphabet, Amazon, Microsoft, Meta, Oracle, Nvidia, Broadcom, SpaceX and AMD. Capex is the trailing twelve months; leases and long-term debt are outstanding balances; off-balance-sheet commitments are mostly leases not yet started plus purchase commitments. Wall Street Journal, 17 Aug 2026.
PARA 16
Those obligationsare growing faster than traditional capex,which totalled about $600bn over the past year the nine companies reported,and were roughly triple what they owe under their outstanding leases and long-term borrowings.
Uncommenced leases aloneaccounted for$1.2tn of off-balance-sheet promises,about four times the figure disclosed a year earlier,while purchase obligations at the companies examined stood at $1.9tn,including $811bn at Alphabet as of June 30.
The pressure is also visible in debt markets.Goldman Sachs estimates thatAI-related companies have raised about $500bn this year,of which the largest hyperscalers account for roughly $200bn,8and the group is expected to issue more than $1tn of new debt over the coming years.
Debt markets are absorbing a record wave of AI-related borrowing.债券市场正在消化 AI 相关的创纪录借款。Unsplash 无版权图库素材（非新闻原图），仅作示意。
PARA 19
The financing is becoming circular, too.9Broadcomhas agreed to lend Anthropic up to $42bnto fund computing infrastructure tied to a five-year chip leasing commitment— roughly a third of the $125.2bn the AI lab has committed to spend.
这种融资还带上了「循环」色彩。博通已同意向 Anthropic 提供至多 420 亿美元的贷款为其与一份五年芯片租赁承诺绑定的算力基础设施提供资金——约为这家 AI 实验室承诺支出的 1252 亿美元的三分之一。
PARA 20
The proposed structureresembles financing arrangements long used for aircraft and real estate.The differenceis the asset at the centre of the transaction:Nvidia's GPUs, which are being repackaged as income-producing infrastructure rather than depreciating equipment.
If the deal completes,investorswould effectively financehardware that Amazon uses to run its AI infrastructure.The largest AI companies may still build the data centres and operate the systems,but Wall Street may end up owning a growing share of the machines inside them.
如果这笔交易落地，投资者实际上就是出钱买下亚马逊用来运行其 AI 基础设施的硬件。最大的 AI 公司或许仍会建数据中心、运营系统，但最终，机房里越来越多的机器可能归华尔街所有。
A separate company set up for one deal, so the assets and the debt sit inside it instead of on the parent's books. The parent can then use the asset without owning it.
Why it matters here ▸ The reported Amazon deal moves thousands of Grace Blackwell chips into an SPV, which raises debt from outside investors and leases the chips back to Amazon.
Extended note: Ask who carries the debt. If outside investors do and Amazon only pays rent, the chips stay off its books. If Amazon guarantees the vehicle, the risk is really still Amazon's.
2leaseback/ˈliːsbæk/点击看中文解释 ↓
Selling an asset and then renting it back from the buyer. You get cash now and keep using the asset, but you give up ownership and take on a rent bill.
Why it matters here ▸ Amazon would sell the chips to the SPV and immediately lease them back: the same machines, in the same halls, under a different owner.
Extended note: Chips depreciate in about three years while data centres run for a decade or more. Leaseback converts a heavy asset into a monthly bill — lighter books, but usually a higher lifetime cost.
3asset-light/ˈæset laɪt/点击看中文解释 ↓
A business model that rents or outsources expensive equipment instead of owning it, so less capital is tied up on the balance sheet.
Why it matters here ▸ The FT says the deal would let Amazon take a more asset-light approach to its balance sheet while still running the same computing capacity.
Extended note: Asset-light swaps capex for rent: better near-term free cash flow, usually a higher lifetime cost — and the pricing power moves to whoever owns the asset.
4residual value guarantee/rɪˈzɪdjuəl ˈvæljuː ˌɡærənˈtiː/点击看中文解释 ↓
A promise to cover part of an asset's value at the end of a lease if the market price falls below an agreed level. The borrower gets cheaper funding; the lender gets protection.
Why it matters here ▸ Tech companies have used them so lenders will accept chips losing value fast — a promise the FT says has obscured how much risk the giants are actually carrying.
Extended note: The asset being guaranteed loses value every year and may be superseded by the next generation. If lenders need a guarantee in order to lend, the market is already pricing that risk.
A rating of BBB- or higher meaning a borrower is unlikely to default. It decides who is allowed to buy the debt, and at what interest rate.
Why it matters here ▸ Investors expect the SPV to be rated investment grade because it leans on Amazon's double A rating, which would open the deal to insurers and pension funds.
拓展知识：这一句是全篇关键：养老金、保险公司受监管约束，只能买投资级债券。SPV 本身是新壳、没有历史，却因为挂着亚马逊 AA 的信用，就能拿到投资级评级，从而把这批芯片卖给体量最大的长期资金。换句话说，是亚马逊的信用在替这批芯片背书。
Extended note: Insurers and pension funds may only buy investment-grade debt. The SPV is a brand-new shell, yet it borrows at investment grade because Amazon's double A rating stands behind it.
Money a company spends on long-lived assets — buildings, machines, chips — rather than on day-to-day running costs. It is booked as an asset and depreciated over time.
Why it matters here ▸ Amazon is expected to spend $220bn of capital expenditure this year, mostly on AWS chips and data centres — the very number the SPV is designed to keep off the balance sheet.
Extended note: Capex tells you what was spent this year; free cash flow tells you what is left afterwards. Amazon and Alphabet have both posted negative free cash flow — which is exactly why off-balance-sheet funding appeared.
7off-balance-sheet/ˌɒf ˈbæləns ʃiːt/点击看中文解释 ↓
Obligations that are disclosed in the footnotes of a filing but not yet recorded as assets or liabilities — typically leases that have not started and goods not yet delivered.
Why it matters here ▸ Nine big US tech companies carried about $3tn of these commitments, most of them AI-related: roughly triple what they owe on existing leases and borrowings.
Extended note: It is legal and it is disclosed — but it means reported leverage understates real commitments. Always read the lease, purchase and guarantee footnotes.
8hyperscaler/ˈhaɪpəˌskeɪlə/点击看中文解释 ↓
One of the handful of companies — Amazon, Microsoft, Google, Meta, Oracle — that run cloud computing at a scale far beyond ordinary data-centre operators.
Why it matters here ▸ Goldman Sachs estimates hyperscalers account for about $200bn of the roughly $500bn raised by AI-related companies this year.
Extended note: Their combined 2026 capex guidance is about $745bn, close to what their own cash flow can fund. Once internal cash is not enough, the AI question becomes a credit-market question.
When a supplier lends money to its own customer so the customer can buy the supplier's product. Sales and revenue rise on both sides, but real outside demand may not have grown.
Why it matters here ▸ Broadcom agreed to lend Anthropic up to $42bn tied to a five-year chip leasing commitment — about a third of the $125.2bn the AI lab has committed to spend.
Extended note: Follow the money both ways. If a sale is funded by a loan, an investment or a purchase commitment from inside the same group, that revenue deserves a discount.
读后测验 · Check Your Understanding
3 道题。点选项立即判分；解析需要单独点开。
Q1What is Amazon actually proposing to do with the $8bn of Nvidia chips?
正确答案：B
答案是 B。原文说得很直白：芯片转入一个特殊目的载体，该载体通过发债向外部投资者融资，亚马逊再把芯片租回来。A 项把「被 Vera Rubin 取代」这一未来产品周期误当成本次交易内容；C 项把「亚马逊承诺向 OpenAI、Anthropic 投资至多 830 亿美元」和「转让芯片」两件不相干的事拼在一起；D 项是无中生有，全文没有任何减值计提的说法。 Amazon will then lease the advanced AI chips back from the SPV, which would tap outside investors through debt issuance.Option A confuses a future product cycle with the transaction. Option C merges a separate equity-investment figure into the deal. Option D invents a writedown that no source reports.
Q2Why does this arrangement matter for how Amazon's accounts look?
正确答案：C
答案是 C。关键句是「By unloading the expensive semiconductors to investors, the company could adopt a more asset-light approach to its balance sheet」——所有权转移出去，使用权留下来，账面因此变轻。A 项说反了：折旧随资产一起转走；B 项与原文矛盾，亚马逊「不会持有该实体的任何股份」；D 项夸大其词，租金照样是现金流出，成本并没有消失，只是从资本开支变成了租金。 By unloading the expensive semiconductors to investors, the company could adopt a more asset-light approach to its balance sheet.Option A inverts the point — depreciation leaves with the asset. Option B contradicts the text: Amazon would own no stake in the vehicle. Option D overstates it: rent is still cash out.
Q3Which statement best captures the concern raised about these financing structures?
正确答案：D
答案是 D。原文两处直接表述：一是「The approach has obscured the amount of risk that tech giants are taking on」，二是《华尔街日报》核对脚注后发现九家公司约 3 万亿美元的表外承诺——真实承诺远大于报表上看到的数字。A 项错，这类安排在会计准则下是允许且要求披露的；B 项偷换论题，报道讲的是融资方式而非需求真伪；C 项无中生有，美联储在文中并未针对此类交易表态。 The approach has obscured the amount of risk that tech giants are taking on.Option A misreads disclosure for illegality. Option B swaps a financing story for a demand story. Option C invents a regulator that never enters the article.
