SemiAnalysis

Context: Forward-looking market call by SemiAnalysis that directly reverses the late-2025 oversupply consensus (including Introl’s December-2025 forecast of a further 10-20% decline). Still open, and running in the predicted direction as of this cycle: BCG, citing the Silicon Data H100 rental index, reports the H100 rate rose from about $1.96/GPU-hour in late 2025 to $2.64 in April 2026, and that the index has risen about 2.2% a month since January 2025 — though it fell as much as 11% at one point in that span, and the live index reading in late July 2026 was $2.53, below the April figure. Resolves on where the rate ends 2026 against where it began.