Recent supply improvements at TSMC and easing HBM3e constraints have expanded B200 availability, while new providers like RunPod and Lambda intensify competition and push spot rates lower from June peaks near $6 per hour. Trader sentiment remains split because sustained frontier-model training demand could stabilize or lift on-demand pricing into the $7-plus range by late August, yet further B300 displacement and neocloud capacity additions create downside risk. Key swing factors include hyperscaler allocation shifts and any fresh enterprise commitments that could tighten near-term supply.