H100 IndexWhat it costs to rent one H100 GPU for an hour on demand — the market’s anchor price.
- Value
- $4.29 / H100-hr
- Last Price Change
- May 27, 2026
Morning Brief
Morning Brief: Wednesday, July 1, 2026
Start-of-day AI compute market report.
Published each morning with the prior day’s source-backed signals across GPU pricing, cloud capacity, power constraints, data centers, and AI infrastructure. Track the prior day’s source-backed news and changes shaping GPU supply, cloud availability, power constraints, data centers, and compute market pressure.
Morning Brief
Morning Tape
- Report date
- Wednesday, July 1, 2026
- Signal window
- Tuesday, June 30, 2026
- PJM Capacity Auction for 2028/2029 Delivery Year Opens
- How NVIDIA’s Inference Software Stack Powers the Lowest Token Cost
- Digital Realty acquires Blackstone's stake in three Virginia data centers for $3.5 billion
Today's Compute College lesson
What is High-Bandwidth Memory (HBM)?
High-bandwidth memory is fast memory located near advanced accelerators to keep AI workloads supplied with data.
Why it matters today: Today's lesson connects the Power & Data Centers track to the compute market readers are watching.
Read the lessonLearn the Market
Term of the Day: Power usage effectiveness
Power usage effectiveness, or PUE, compares total facility power to the power used by IT equipment. A lower PUE means less extra power is being spent on cooling, lighting, and other overhead. AI data centers care about PUE because GPU clusters already consume large amounts of electricity.
Market signals
Compute market signals
Spot Compute PriceThe cheaper, interruptible GPU price — a read on whether spare capacity is available.
- Value
- $2.46 / H100e-hourH100e-hour means an H100-equivalent GPU hour, a normalized unit used to compare different GPUs and providers.
- Last Price Change
- May 27, 2026
Model Serving CostRoughly what it costs to run a model and generate its output at scale, per million tokens.
- Value
- $2.78 / 1M tokens
- Last Price Change
- Jun 22, 2026
GPU AvailabilityHow easy or hard it is to actually get GPU capacity right now, scored 0–100.
- Value
- 78 / 100 score
- Last change
- May 27, 2026
Signals
Top market signals
These are the highest-impact source-backed items from the signal window used for this morning’s brief.
Jun 30, 2026
PJM Capacity Auction for 2028/2029 Delivery Year Opens
this may affect capacity expansion supply, demand, capacity, bottlenecks, or financing.
Jun 30, 2026
How NVIDIA’s Inference Software Stack Powers the Lowest Token Cost
this may affect power supply, demand, capacity, bottlenecks, or financing.
Jun 30, 2026
Digital Realty acquires Blackstone's stake in three Virginia data centers for $3.5 billion
Watch item for AI compute supply, demand, capacity, infrastructure, or market structure.
Jun 30, 2026
Virtus to develop 32.5MW data center in Slough, UK
Watch item for AI compute supply, demand, capacity, infrastructure, or market structure.
Jun 30, 2026
Claude in Microsoft Foundry is now generally available
this may affect capacity expansion supply, demand, capacity, bottlenecks, or financing.
Power & Data Center Watch
- PJM Capacity Auction for 2028/2029 Delivery Year Opens (PJM Interconnection).
- Virtus to develop 32.5MW data center in Slough, UK (Data Center Dynamics).
- Claude in Microsoft Foundry is now generally available (Microsoft Azure Blog).
Watch next
Signals for the next issue
- Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3 (Applied Digital Press Releases).
- MLPerf Training v6.0: Lambda delivers fastest LLM training on NVIDIA GB300 NVL72 and fastest MoE training on NVIDIA HGX B200 (Lambda Blog).
- Nebius expands in UK with more NVIDIA-powered infrastructure, more customers, and more cloud capabilities for agentic and enterprise AI June 8, 2026 (Nebius Newsroom).
- Claude Meets Blackwell Ultra: Anthropic’s Models Now Run on NVIDIA GB300 in Azure (NVIDIA Blog).
- PJM opposes waiver for $2B gas-fired plant in fast-track interconnection review (Utility Dive).
Recent Briefs
Brief archive
Use the archive to move between dated Morning Brief issues without relying on the sitemap.
Previous issue: Morning Brief: Tuesday, June 30, 2026
Signal window: Monday, June 29, 2026. Claude Meets Blackwell Ultra: Anthropic’s Models Now Run on NVIDIA GB300 in Azure