Traders see a near-even split around the $5–6 range for end-of-August H200 rental prices because sustained demand for the Hopper GPU’s 141GB HBM3e memory capacity in inference and long-context workloads offsets growing supply from new neo-cloud clusters and competitive pressure from Blackwell B200 deployments. Recent provider price cuts, including AWS reductions and spot offerings near $3.70–4.50, have introduced downward momentum, yet premiums persist on marketplaces for reliable on-demand access amid variable availability and regional differences. Key differentiators include contract length, interconnect quality, and substitution risk from AMD accelerators, leaving the market sensitive to any late-summer capacity additions or inference demand spikes before resolution.