JPMorgan: October token spending up 40% MoM as GPU rental and storage prices diverge

According to TechFlow,citing Trend Research, JPMorgan's research report dated October 26, 2026 noted that October large language model token spending rose 40% MoM, compared with 28% in September; token usage increased 25% MoM, and weighted prices rose 12% MoM; A100 rental prices fell 3.5% MoM, H100 rental prices rose 6.5% MoM, and B200 rental prices rose 4.7% MoM; DRAM spot prices rose 4.4% MoM, while NAND spot prices fell 2.6% MoM.

JPMorgan believes AI infrastructure demand remains strong, with the acceleration in token spending driven by usage growth and a rebound in weighted prices. GPU rental and storage spot prices are diverging: A100 is gradually ceding its primary position, while H100 and B200 are absorbing incremental demand; DRAM is supported by AI servers, while NAND is pressured by weak consumer demand. Fourth-quarter DRAM and NAND contract price increases are expected to narrow to 13% and 18%, respectively.

Source: TechFlow