JPMorgan: October Token spending up 40% month over month, GPU leasing and storage prices diverge
Source：
www.techflowpost.com
According to Trend Research, JPMorgan's report dated October 26, 2026, indicates that large language model token spending grew 40% month-over-month in October, up from 28% in September; token usage increased 25% month-over-month, with weighted prices rising 12%; A100 rental prices fell 3.5% month-over-month, while H100 and B200 prices rose 6.5% and 4.7%, respectively; DRAM spot prices increased 4.4% month-over-month, and NAND prices declined 2.6%.
