Latent Space: H100 GPU Rental Prices Melting UP — Reasoning Models and Agent Workloads Reverse 2-Year Depreciation Curve

Latent Space·medium signal

Latent Space reports that H100 rental prices have surged since December 2025, reversing the depreciation trend the industry predicted. Dylan Patel noted 'H100s are worth more today than they were 3 years ago.' Three converging drivers: general chip shortage, the reasoning model/agent inference inflection starting December 2025, and improved inference software making 4-year-old hardware substantially more valuable than depreciation schedules predicted. This has meaningful implications for data center business models that depend on tight tokenomics margins — the assumption that GPU value declines over time is broken.