$NBIS

The bear case for the past year has been that GPUs turn into paperweights in 2 to 3 years, so the neocloud depreciation math is fake, just like the FT report today.

Here's what the rental market actually did.

An H100 rents for about $2.63 an hour right now. That's roughly where it was in April 2025, and about 30% above the low near $2 late last year. This chip is about three years old and a generation behind Blackwell, and renting one costs more today than it did last winter.

H200 went from about $2.70 in May to $3.29. B200 bottomed around $4.40 in January and it's back at $5.69.

If old GPUs were dying, you'd see rental prices falling off a cliff. Instead people are still paying up for whatever compute they can get.