> the deal that would move thousands of Grace Blackwell chips it is installing in US data centres into a special-purpose vehicle

> The cloud giant will then lease the advanced AI chips back from the SPV

I mean nothing is disappearing off the balance sheet. They have this lease agreement they will need to pay.

I would watch for what they do with the freed up cash though. If they use these GPUs they already own as collateral to *double down* on buying more GPUs then we got some serious downturn risk building because its leveraged.

Btw this is like 100% what Jensen was saying when he said gpu compute would be an "investable asset class".