The price to rent an Nvidia H200 just collapsed from 7/hr to 4/hr in three weeks. A -40% drop in the cost of the single most strategic ass…

The price to rent an Nvidia H200 just collapsed from 7/hr to 4/hr in three weeks. A -40% drop in the cost of the single most strategic asset in tech. When the underlying commodity that powers your entire thesis loses 40% of its value in a month, that usually means one of two things: supply finally caught up, or demand was never as deep as the headlines said. Either way, somebody is selling. So why is the AI trade still pricing in scarcity? 🚨 The AI ROI numbers are starting to look very ugly. Even under "best case" assumptions — assuming zero costs, just revenue against capex — the Financial Times calculated the implied return on hyperscaler AI investment from 2025 to 2030. Only one of them clears positive. Implied…

Source: Gary Marcus (X) | 2026-05-28