Sustained demand for NVIDIA Blackwell B200 GPUs from frontier AI training and inference workloads, combined with constrained supply and multi-year capacity contracts, keeps median on-demand rental rates near $7.99–$8.11 per GPU-hour as of mid-October 2026. Recent 30- and 90-day price increases of 7–16% across providers reflect limited uncommitted capacity, with hyperscalers and AI labs locking in allocations well ahead. Spot rates sit lower near $4, but on-demand benchmarks dominate the market-implied odds. Traders see few near-term catalysts for a drop below $7 by year-end, given ongoing model deployments and rollout bottlenecks, though any rapid supply expansion could still shift the range.