Nvidia Stock Down ~3% in Recent Months as B200 GPU Rental Prices Drop 31% from Peak
Taylor Wilson
Nvidia fell about 3% over the past month while the semiconductor ETF rose 15% and its flagship B200 GPU rental price slid 31% from its recent high — the market is repricing where AI infrastructure investment goes next.
How far is Nvidia lagging its peers?
Nvidia dropped roughly 3% over the past month; the VanEck Semiconductor ETF (SMH) gained 15% in the same span.
Memory-chip names widened the gap: Micron and Sandisk each rallied close to 60%.
This means → capital is rotating from "compute suppliers" toward "compute adjacencies" — the AI investment hot spot is drifting away from GPUs alone.
Why has the B200 rental price fallen nearly a third?
According to GPU pricing platform Ornn, the B200 hourly rental rate hit $6.11 on May 30 — a three-month high.
By June 21 it had dropped to $4.22, down roughly 31% from the peak.
In plain terms = think of compute like real estate — rent falling nearly a third means either too many units were built, or tenants are pulling back. Right now, both sides are uncertain.
What exactly is making both sides hesitate?
Traders on prediction platform Kalshi are betting the B200 rental price will not reclaim its May high.
Santa Clara University finance professor Seoyoung Kim told CNBC: "Many companies don't know how much compute they'll need next year, suppliers don't know how many GPUs to buy, and Nvidia itself doesn't know how many to produce."
This reflects an AI compute market still in a "three-way guessing game" — demand side, supply side, and manufacturer, with none able to anchor certainty.
Can Google's mega-deal stabilize the picture?
Earlier this month Google and SpaceX signed a deal: $920 million per month from October 2026 through June 2029 for AI compute, covering roughly 110,000 Nvidia GPUs.
RBC Capital Markets followed with a bullish call, saying Nvidia is "best positioned among peers."
This means → large lock-in contracts like this can ease short-term fears that custom chips (ASICs — chips designed for a single task) are eating into Nvidia's share, but the longer-term trajectory still hinges on whether B200 rental prices stabilize once these deals land.
Content is for reference only, not financial advice.