**Ongoing supply constraints from TSMC CoWoS-L packaging bottlenecks and sustained demand for Blackwell B200 GPUs in large language model training and inference workloads are the main factors supporting the market-implied 46.5% probability for $9.00+ rental prices by end of November.** Current on-demand medians hover around $7.50–$8.00 per GPU-hour across providers, with recent 30–90 day trends showing modest increases amid tight availability and high utilization. Limited new capacity is expected to come online in the next five weeks, while hyperscale and neocloud allocations remain constrained. Traders appear to view near-term price stability or modest upside as the most likely path, with lower buckets reflecting possible spot or reserved discounts if utilization eases slightly.