JPMorgan: October Token spending up 40% month over month, GPU leasing and storage prices diverge

S, according to Chaowang Research, JPMorgan’s research report dated October 26, 2026 states that large language model token spending increased 40% month-on-month in October, up from 28% in September; token volume grew 25% month-on-month, with the weighted price rising 12% month-on-month; A100 rental prices fell 3.5% month-on-month, H100 rose 6.5%, and B200 rose 4.7%; DRAM spot prices increased 4.4% month-on-month, while NAND declined 2.6%.

JPMorgan assesses that demand for AI infrastructure remains robust, with accelerated token spending driven by volume growth and a rebound in weighted prices. GPU rental and storage spot prices are diverging: A100s are gradually moving out of primary positions while H100s and B200s absorb incremental demand. DRAM is supported by AI server deployments, whereas NAND is weighed down by consumer demand. Contract price increases for DRAM and NAND in the fourth quarter are projected to narrow to 13% and 18%, respectively.