H200 beats H100 for AI inference. But not for the reason you think. We ran the same DeepSeek model on both GPUs with the same traffic for 10 days. The H200 delivered 2.5× more tokens for just 33% more rental cost. But the biggest lesson wasn't about the GPUs. It was about how they're connected. NVSwitch vs PCIe changed which workloads and configurations were actually possible. So, when you're choosing AI infrastructure, don't just read the GPU spec sheet. Check the interconnect.

SITUATION DETECTED: Nvidia H200 chips have begun reaching Chinese firms in small shipments, with ByteDance and Tencent each receiving about 10,000 processors in recent weeks, according to the Financial Times. The U.S. has cleared each company to buy up to 100,000.

🇺🇸🇨🇳 NVIDIA H200 China Sales Still Stalled @Reuters reports the U.S. has cleared around 10 Chinese firms to buy NVIDIA’s H200 chips, including Alibaba, Tencent, ByteDance and But no deliveries have been made yet, as Beijing remains cautious. @nvidia CEO Jensen Huang is joining Trump’s China visit this week.

$NBIS Nebius is raising on-demand H100/H200/B200/B300 rates 17%–21% from Oct 1, which has definitely drawn significant attention to its ability to capitalize on all those GPUs. But the more interesting move is actually outside GPUs. Specifically, CPU-only instances rise 25% and memory about 41%. That's very interesting piece of evidence showing that AI-cloud scarcity is spreading into the host stack, not staying isolated in accelerators. And Nebius already produced a 50% adjusted EBITDA margin in AI Cloud in Q2, and its pricing page offers up to 35% commitment discounts for large clusters. So the model is now clearly turning into a two-tiered layer. That is, monetize scarcity on-demand while using discounts to lock in longer-duration capacity. If that pricing holds without slowing demand, incremental capacity should arrive with better unit economics of scale, which in theory should significantly boost the revenues. Into the longer term, this is easily a $500+ stock given its ability to scale and its capacity to expand without incurring significantly more cost.