InferenceX: The Secondary GPU Market & Pricing Index

The “GPU Squeeze” is over. We are entering the “GPU Surplus” era for older architectures (A100/H100), while Blackwell remains in a structural deficit. Pricing power is bifurcating.

1. Pricing Tier Index

Architecture	Availability	Pricing Trend	Trading Signal
NVIDIA Blackwell	0% (Sold Out)	📈 +300% MSRP	Long NVDA
NVIDIA H100	100% (Liquid)	📉 -20% MoM	Neutral/Bearish Renters
AMD MI300X	40% (Scaling)	➡️ Stable	Long AMD (Value Case)

2. Inference Dynamics

The cost to generate 1 million tokens is dropping exponentially. This is a Bearish signal for “dumb” compute providers and a Bullish signal for “AI-Native” applications (SaaS) that can leverage lower input costs.

3. Technical Watch

Watch for a “Capex Peak” headline. If GPU rental rates drop below $1.50/hr for H100, the “Compute-as-a-Service” trade is officially over.

Last Updated: May 9, 2026