Strong demand for Blackwell B200 GPUs in frontier AI training and inference, combined with constrained supply from HBM3e memory and advanced packaging limits, supports elevated rental rates. Current on-demand pricing shows a median near $6.28–$6.79 per GPU-hour across providers, with spot and smaller-neocloud offers dipping to $3.20–$3.75 while major platforms list $8–$16. Recent upward pressure appears in transaction indices rising over 30 days, alongside selective rate hikes such as Nebius adjustments effective October 1. Limited new capacity reaching open markets before month-end, plus hyperscaler and lab reservations absorbing production, keeps trader consensus on sustained levels above $6.50.