Tokens get cheaper while GPUs get pricier: H100 rental up ~30% since March

julsimon · x · 2026-09-28

julsimon runs the numbers: buying tokens is getting cheaper, renting GPUs is getting more expensive.

Per million output tokens (falling):

Per GPU-hour since March (rising):

Takeaway: model vendors are cutting per-token prices while the GPU rental market keeps raising rates on demand.

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