Traders assign nearly equal probability across B200 rental price bands at end-2026 because supply growth and persistent AI demand remain closely balanced. Recent data show on-demand rates falling sharply from March peaks near $6/hr to the $3.70–$5.50 range by mid-2026 as TSMC yields improved, HBM3e availability eased, and new neocloud providers added inventory. Hyperscalers continue charging premiums while spot markets dip below $3/hr, highlighting fragmentation. Key swing factors include the pace of Blackwell Ultra B300 volume, hyperscaler capex commitments, and whether inference workloads absorb additional capacity without further price erosion. Resolution hinges on verifiable production ramps and provider pricing sheets through year-end.