**Strong AI demand amid ongoing supply constraints has created balanced trader expectations for H200 rental rates by late November.** Recent indices show median on-demand pricing near $4.40–$5.58 per GPU-hour as of late September, with spot and neocloud offerings as low as $2–$3.50 while hyperscalers charge significantly more. Tight HBM3e memory supply, extended lead times, and sustained large language model training workloads continue to support elevated rates, even as B200/Blackwell deployments accelerate. Competitive dynamics between specialized cloud providers and traditional hyperscalers, plus potential shifts in export-controlled capacity, add volatility. Traders see roughly even odds across price bins because near-term supply additions and workload migration could offset or reinforce the current upward pressure before year-end.