Recent upward momentum in neocloud transaction indices, with H200 rates rising to around $4.93 per GPU-hour in early September amid sustained demand for large-model inference, underpins trader expectations for end-October pricing clustered near $4.50–$5.50. The H200’s 141 GB HBM3e memory and 4.8 TB/s bandwidth give it a clear edge over H100 for memory-bound workloads, supporting premiums over lower-tier capacity while newer Blackwell GPUs begin diverting some hyperscaler allocations. Wide provider spreads—neoclouds and marketplaces at $2.60–$4.50 versus hyperscalers above $7—create uncertainty, as additional specialist supply could cap gains even as AI training and inference volumes grow. Key near-term catalysts include any Blackwell ramp updates or major capacity deals that could shift the supply-demand balance before month-end.