**Sustained AI training and inference demand, paired with ongoing supply constraints on newer Blackwell GPUs, anchors trader sentiment for H100 rental prices at the end of 2026.** Current on-demand medians hover near $3.3–$3.8 per GPU-hour across providers, reflecting a rebound of roughly 13–30% year-over-year after 2025 softness, with recent hikes from specialists like Nebius and RunPod. Hyperscalers continue charging 1.7–2.7× premiums over marketplaces, while Blackwell ramp-up and spot availability exert modest downward pressure on older Hopper capacity without fully displacing it. The closely matched probabilities around $2.50–$3.50 capture uncertainty over whether power limits, data-center buildouts, or further efficiency gains from B200/B300 systems will shift the equilibrium before year-end.