Hardware & Networking: Data Center Watch: Token Spend Grows, While GPU Pricing Remains Firm, and Memory Inflation Starts to Cool

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Hardware & Networking: Data Center Watch: Token Spend Grows, While GPU Pricing Remains Firm, and Memory Inflation Starts to Cool

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

27 July 2026

Hardware & Networking

Data Center Watch: Token Spend Grows, While GPU

Pricing Remains Firm, and Memory Inflation Starts to

Cool

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 in Joseph Cardoso AC

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

usage and firm pricing, both of which are driving further increases in total spend. joseph.cardoso@jpmchase.com

In July, GPU rental price growth for B200s accelerated vs. declined for H100s, Manmohanpreet Singh

possibly reflecting a shift in demand toward the latest generation of GPUs. (1-212) 622-4527

Meanwhile, the growth in contract prices for both DRAM and NAND is expected manmohanpreet.singh@jpmchase.com

to moderate substantially to ~15% q/q in 3Q26 relative to high-double digits Marc Vitenzon

(1-212) 622-3342

growth in 2Q26, given long-term agreements, weaker consumer demand, and marc.vitenzon@jpmchase.com

1H26 pull-forward. Key highlights from Data Center Watch report:

Akanksh Chauhan

• LLM growth trends moderate on OpenRouter for the month of July (1-212)akanksh.chauhan@jpmorgan.com622-0045

following robust June. LLM growth trends on OpenRouter in July moderated J.P. Morgan Securities LLC

sequentially following a strong June: Token Volume tracked to +18% m/m and

21x y/y, Pricing tracked to -3% m/m and +2% y/y, and overall Spending tracked

to +7% m/m and 11x y/y.