Increased supply from the ongoing Blackwell B200 ramp, combined with broader capacity additions across hyperscalers and neocloud providers, forms the core driver pushing trader consensus toward lower H100 rental prices in July. Spot and on-demand rates have already declined 30-40% since early May 2026 as newer GPUs absorb premium workloads and H100 shifts toward mainstream inference and training. Historical patterns show H100 median pricing falling from peaks above $7 per hour in 2024-2025 to the current $2-3 range, with further compression expected as data-center buildouts mature and demand normalizes. Key near-term catalysts include continued B200 availability and any hyperscaler order adjustments that could accelerate the supply glut. Traders view these dynamics as outweighing residual enterprise demand, creating an 80% implied probability of a July decline.