Nvidia H200 GPU rentals drop 40% in three weeks

Nvidia H200 GPU rental prices fell roughly 40% over three weeks, according to the Ornn Compute Price Index, moving from about $7 per hour to roughly $4 per hour.

The decline reflects spot-market weakness for older Hopper-generation chips as cloud providers shift to newer Blackwell-generation parts such as B200 and GB200, which are carrying premium pricing, Ornn’s data shows.

Nvidia shares closed at $214.25 on May 28, ahead of the latest Ornn reading.

Analyst Thierry Borgeat of Arvy described the change as a 40% drop in the cost of a key GPU.

Wedbush analyst Dan Ives retained an Outperform rating and a $300 price target for Nvidia. The analyst consensus across 43 firms sits near $304.

A market study estimated implied 2025–2030 returns from AI investments at about -9.2% for Microsoft and -28.8% for Meta.

Nvidia reported $81.6 billion in revenue in its most recent quarter, up 85% year over year.

Spot rental prices can change quickly when supply increases or demand softens, while contracted purchases and multi-year deals by hyperscalers can lag and mask shifts in buying patterns. Market participants are monitoring spot indices and company guidance for additional signs on demand for high-end GPUs.