H100 rental prices show signs of decline this week, approximately 19% lower than the Oc

NVIDIA H100 on-demand rental prices are showing signs of easing, with the weekly median spot price falling to $3.39 per GPU-hour as of November 2, down roughly 19% from October's monthly average of $4.20, according to GPU Economy's cloud GPU price index covering 40 quotes from 38 providers; the November average to date stands at $3.90. Longer-term, prices remain up about 19.4% versus October 2025, and one-year H100 contract rates tracked by SemiAnalysis have climbed nearly 40%, from a low of $1.70 in October 2025 to $2.35 by March. Near-term cooling signals include GPU trading marketplace prices on Compute Terminal slipping from about $2.48 in late October to $2.39, while the ramp-up of NVIDIA's newer Blackwell chips, expiring leases signed in 2023–2024, and secondhand H100 and A100 units entering the market could add further downward pressure. The move matters because it marks the first sustained softness in a GPU rental market that has been a key proxy for AI compute demand and capex intensity. Watch next: whether spot prices break below the November average, the pace of Blackwell supply, and whether surging inference demand—against a shrinking H100 stockpile now that the chip is discontinued—stabilizes prices, as the market remains split on whether GPU rates have peaked.