[JPMorgan Says LLM Usage and GPU Rental Prices Rise Together, AI Hardware Demand Remains Strong] Deep Tide TechFlow reports that on July 3, according to Trend Research, JPMorgan's July 1 Data Center Observation Report shows that OpenRouter platform LLM token usage in June increased 70% month-over-month and surged 20-fold year-over-year. Prices rose slightly month-over-month and dropped only 5% year-over-year, with U.S. models accounting for 85% of spending. GPU rental prices for non-cloud vendors saw across-the-board increases: A100 up 6.3%, H100 up 3.7%, and B200 up 2.7%. The premium of B200 over H100 narrowed from 2.58x to 1.96x. DRAM spot prices rose 10% in June, up 740% year-over-year, marking three consecutive months of increases. NAND prices fell 0.3% month-over-month, marking three consecutive months of declines, but were still up 518% year-over-year. These three data points indicate that demand for AI infrastructure remains robust, but the narrowing of high-end premiums and the early loosening of NAND suggest a shift in the cyclical logic.