Strong demand for AI training and inference workloads continues to support elevated H200 rental rates, with the market-implied 97% odds on $5.50+ reflecting sustained scarcity of the 141 GB HBM3e Hopper GPUs relative to hyperscaler and neocloud capacity. Recent provider adjustments, including Nebius lifting on-demand pricing to $5.40 per GPU-hour in early October alongside similar upward moves at RunPod and CoreWeave, combined with indices showing medians near or above $4.70 and executed trade data reaching $5.64 by month-end, reinforced trader consensus that rates would close October in the top bracket. This skin-in-the-game view aligns with broader supply constraints and steady large-model deployment. A sudden surge in new H200 deployments or a sharp pullback in AI capital expenditure could still shift realized averages lower.