NVIDIA B200 Rental Rates Spike 30% as “Insatiable” Demand Takes Hold

The bear case on NVIDIA (NVDA) goes like this: AI tokens get cheaper, GPU rents fall with them, and returns on all that Nvidia hardware shrink.

So far, the rental market isn’t cooperating.

Bloomberg’s Joe Weisenthal asked on X whether GPU rental rates are “a more useful signal” than token indices. He was replying to Warren Pies, who had just posted: “B200 rental rates up 30% YTD.”

In a follow-up post, Pies called B200 demand “insatiable,” with availability at 0% in his own index.

If companies renting out Nvidia chips earn more per GPU than a year ago, that cuts right against the bear case.

Does it show up at Nvidia?

Tight supply should mean pricing power for the chipmaker itself. Gross margin is the place to check.

Gross margin reached 75% in fiscal 2025 and slipped to about 71% last year. That’s still far above the 57% Nvidia posted just three years ago, so the pricing power is holding up.

Analysts’ forecasts tell the story from another angle.

Analysts expect revenue to nearly double to about $412 billion this fiscal year, up from $216 billion last year. They see it reaching roughly $893 billion by fiscal 2029.

Nebius plans to raise prices next week, and a JPMorgan upgrade flagging rising compute pricing sent Nebius up 6% on the day.

Here’s the catch

Pies said Fidelity’s Jurrien Timmer is “focusing on older, less consequential, GPUs (A100, H100).” That…