Persistent AI inference demand and open-weight model adoption have kept H100 rental rates firm near $2.20–$3.50 per hour across providers as of mid-August 2026, producing the tight clustering of market-implied odds between $2.25–$3.00. Neocloud platforms continue to undercut hyperscalers by 50–70 percent through competitive spot and on-demand offerings, while Blackwell B200 ramp-up has displaced only limited Hopper capacity so far because new deployments remain largely pre-booked. Key swing factors include any acceleration in enterprise migration to Blackwell, seasonal demand spikes, and further neocloud capacity additions that could compress the lower end of the range before October resolution. Traders appear to weigh these offsetting supply and demand signals evenly, consistent with recent price stability following earlier 2026 volatility.