Trader sentiment on H100 rental prices at end-September centers on persistent supply tightness from HBM3e shortages and NVIDIA’s wafer shift toward Blackwell, offset by growing neocloud capacity that has already compressed hyperscaler premiums. Current on-demand rates span roughly $1.99–$3.37 median across marketplaces and specialist providers, with hyperscalers still 80–100% higher; spot and reserved tiers trade lower. Key swing factors include any fresh Blackwell deployments freeing Hopper nodes, inference demand growth from open models, and regional power or CoWoS constraints that limit new clusters. The tight clustering around $2.25–$2.75 reflects uncertainty over whether near-term capacity additions or sustained AI workloads will dominate the final month.