JPMorgan Report: AI Token Spending Up 7%, B200 Rental Prices Dip, DRAM Prices Rise for Fifth Month

A JPMorgan data center report released on August 28 highlights diverging trends in AI infrastructure. While LLM token spending grew 7% month-over-month, B200 GPU rental prices saw their first decline since the index's inception, dropping 1.5% to $5.63 per hour. Meanwhile, DRAM spot prices rose for the fifth consecutive month, and NAND prices ended a four-month decline. The report suggests that while AI compute demand remains robust, structural changes in supply and the adoption of lower-cost models are reshaping pricing dynamics.