Persistent supply constraints from hyperscaler reservations and HBM3e memory bottlenecks continue to support elevated B200 rental rates near current medians around $5–$6.50 per hour, while accelerating TSMC production ramps and neocloud capacity additions create downside pressure that could push spot and reserved pricing below $4.50. Competitive dynamics hinge on provider tier, with low-overhead neoclouds like Spheron and Lambda offering $3.70–$5.50 rates versus hyperscaler premiums above $10, alongside distinctions between on-demand availability, spot discounts, and long-term reservations. Key swing factors include the pace of Blackwell volume shipments through Q4, sustained inference demand from frontier model deployments, and any new enterprise allocations that could tighten or loosen near-term October liquidity.