Strong demand for high-performance AI training and inference compute continues to support elevated H200 rental rates, with traders assigning a 65% implied probability to prices ending November above $6.50 per hour. Limited near-term supply of Hopper-generation GPUs, sustained hyperscaler expansions, and ongoing large language model development have kept utilization high across cloud providers. Recent capacity constraints and competitive bidding for remaining H200 instances have reinforced this positioning, while any Blackwell ramp delays could further tighten availability. Key upcoming catalysts include earnings reports and data-center utilization updates that could clarify whether demand holds through month-end.