GPU spot prices just surged 114% in six weeks. Watch your AI vendor renewal.

GPU spot prices for NVIDIA’s latest chips (B200) just surged 114% in the last six weeks.

Most people assume AI infrastructure costs are falling. They are, at the token level. But the hardware layer tells a different story right now.

Here’s what matters for business operators: not everyone buying AI capacity is exposed equally. The largest players, whether they own infrastructure or have locked in long-term capacity agreements, are largely insulated from spot market swings. Everyone else is buying in a market that just doubled in price.

That cost pressure has to go somewhere. Either their margins compress or their prices rise.

The AI tool you’re paying for today is priced off infrastructure economics that just moved violently. Your vendor may not tell you that. Watch your renewals.