Hardware & Networking: Data Center Watch: AI Demand Supported as LLM Usage and GPU Pricing Climb; Meanwhile, Memory Spot Prices Diverge

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Hardware & Networking: Data Center Watch: AI Demand Supported as LLM Usage and GPU Pricing Climb; Meanwhile, Memory Spot Prices Diverge

J P M O R G A N North America Equity Research

01 July 2026

Hardware & Networking

Data Center Watch: AI Demand Supported as LLM

Usage and GPU Pricing Climb; Meanwhile, Memory

Spot Prices Diverge

In the Data Center Watch report, we outline key data points relevant to AI IT Hardware/ Telecom & Networking

infrastructure demand, including LLM token volumes and prices, GPU rental Equipment

prices, and memory costs. Taken together, the latest data suggest positive trends for Joseph Cardoso AC

the AI infrastructure demand environment, including the expansion of LLM usage, (1-212) 622-9036

which is more than offsetting year-on-year LLM token price declines, while GPU joseph.cardoso@jpmchase.com

rental prices continue to grind higher month-on-month. Importantly, based on our Manmohanpreet Singh

sample and simplified assumptions, we estimate that token economics are (1-212) 622-4527

directionally tracking favorably for model providers, even assuming conservative manmohanpreet.singh@jpmchase.com

token prices. Meanwhile, DRAM prices continue to rise, albeit at a slower rate, Marc Vitenzon

(1-212) 622-3342

while NAND spot prices have contracted modestly for three months in a row. Key marc.vitenzon@jpmchase.com

highlights from Data Center Watch report:

Akanksh Chauhan

• LLM trends re-accelerate on OpenRouter for the month of June. LLM (1-212)akanksh.chauhan@jpmorgan.com622-0045

trends on OpenRouter in June broadly re-accelerated, with token volume J.P. Morgan Securities LLC

(+70% m/m, 20x y/y), pricing (up modestly m/m but still -5% y/y, with U.S.

models bucking the trend by rising y/y), and spending (+70% m/m, 16x y/y) all

increasing.