Expanding H200 supply through neocloud capacity growth, combined with Blackwell B200 ramp-up delivering higher performance-per-dollar, anchors trader sentiment for end-2026 rental prices around the $4–$5.50 range on the Ornn index. Current neocloud on-demand rates cluster between $2.60 and $5.50 per GPU-hour with medians near $4.40, while hyperscalers command premiums above $7; recent index volatility and the June 2026 $3–$4 settlement illustrate how added Hopper inventory and enterprise migration to newer architectures create downward pressure without collapsing demand from large-model training and inference workloads. Key swing factors include the pace of neocloud scaling versus hyperscaler allocation policies and any acceleration in next-gen hardware adoption.