**Trader sentiment for H200 GPU rental prices at end-November 2026 centers on sustained high on-demand rates near or above $6.50 per GPU-hour, with the $6.50+ outcome leading at 54.5% implied probability.** Current marketplace and verified on-demand medians sit around $4.50–$5.50 across providers, with spot rates often $2–$3.50 lower, but list prices from major clouds (CoreWeave ~$6.30, Nebius $5.40, RunPod secure ~$5.29) and recent adjustments point to upward pressure. Key drivers include persistent AI demand for high-VRAM Hopper GPUs suited to large-model training and inference, alongside supply constraints from HBM memory, power availability, and export controls that have left significant H200 inventory stalled in Hong Kong. Some providers have implemented or announced increases, such as Crusoe’s planned rise to $5.40 starting December 1 and earlier Nebius adjustments, while the shift toward pricier Blackwell B200 chips (medians ~$7.50) has not yet eased Hopper demand. Short-term volatility from spot and community marketplaces keeps lower ranges possible, but aggregated trader positions reflect expectations that core on-demand pricing will hold or edge higher through month-end amid steady utilization.