Persistent supply constraints and surging AI demand have driven recent B200 rental rates sharply higher, with medians now clustering between $6 and $8.60 per GPU-hour across providers and spot rates remaining fragmented. Nvidia has signaled that Blackwell capacity will stay bottlenecked through at least early 2028, while high-bandwidth memory shortages and component cost increases continue to support elevated pricing. Hyperscalers and leading AI labs have locked in long-term allocations, limiting spot availability and pushing on-demand quotes upward in recent months. These dynamics underpin trader consensus around the higher strike ranges, as near-term relief appears unlikely before year-end.