Current B200 on-demand medians hover near $7.15–$7.95 per GPU-hour across providers, with spot rates near $4 and wide dispersion between neo-cloud marketplaces and hyperscalers. Trader sentiment around end-November brackets remains closely split because expanding Blackwell capacity from additional neo-cloud deployments and reserved contracts competes against persistent frontier training and inference demand for the 180 GB HBM3e cards. Recent provider price hikes, such as Nebius’s October increases, and steady 90-day upward pressure on medians support stability or modest upside, while accelerating supply ramps and historical post-launch declines introduce downside risk. Key swing factors include spot-market liquidity, new capacity releases, and any shifts in large-lab reservation activity before year-end.