Current on-demand H100 rental rates cluster between roughly $2.00 and $3.65 per GPU-hour across neocloud and hyperscaler providers, with spot capacity available lower, reflecting ample Hopper supply amid Blackwell ramp-up. Trader sentiment favors the $3.00+ bin as the leading outcome because recent indices show modest upward pressure—median prices have risen about 10-19% over the past 30-90 days amid steady AI inference and training demand—while supply of newer B200/B300 chips displaces some H100 workloads without fully easing mid-tier tightness. Key swing factors through late October include further neocloud capacity additions, hyperscaler spot repricing, and any acceleration in enterprise commitments that could lift realized rates. The spread across bins captures uncertainty over whether seasonal demand or continued displacement keeps averages near current levels or pushes them modestly higher by month-end.