Nvidia GPU rental prices diverged across hardware tiers in September 2026 as non-hyperscaler B200 rates rebounded 1.3% MoM to $5.70 per GPU-hour, according to J.P. Morgan. The recovery widened the B200-to-H100 pricing multiple to 2.16x from 2.08x in August, reflecting resilient developer demand for cutting-edge architecture even as broader compute supply loosened across older accelerator tiers. In contrast, previous-generation H100 rental rates fell 2.6% MoM to $2.64 per GPU-hour, while A100 pricing dropped 2.8% MoM to $1.59 per GPU-hour. The H100-to-A100 price ratio ticked up slightly to 1.66x. If enterprise workloads continue migrating toward next-generation silicon, lingering rental price erosion on H100 and A100 clusters could compress operating margins for independent cloud hosters. #AIChips# #Tencent# Report date: 2026-09-29 · JPM