Recent supply growth in NVIDIA's Blackwell B200 GPUs has displaced some Hopper-era H200 capacity, creating downward pressure on rental rates across specialist clouds and marketplaces, where current on-demand pricing clusters between $3.80 and $4.60 per GPU-hour. Persistent demand for the H200's 141GB HBM3e memory in large-context inference and training workloads has prevented sharper declines, while hyperscaler premiums and spot/on-demand spreads add variance. Traders see these offsetting forces producing a tight contest among the $4.00–$5.00 bands by late September, with limited near-term catalysts beyond continued Blackwell ramp-up and potential provider price adjustments.