ChainThink reports that, according to a JPMorgan research report, on August 28, the token volume on the OpenRouter platform increased by 47% month-over-month and 28-fold year-over-year, while spending rose by 7% month-over-month and 12-fold year-over-year.
The volume-weighted average price decreased by 28% month-over-month, with lower-priced models such as GPT-5.6 Luna contributing approximately 99% of the increase.
In the GPU rental market, A100 remained flat at $1.65/hour, H100 rebounded to $2.73 (+1.2%), and B200 declined 1.5% month-over-month to $5.63, marking its first monthly drop since the index was launched in September 2025.
DRAM spot prices rose for five consecutive months, with DDR5 16Gb priced at $50.20 (up 6% month-over-month, up 880% year-over-year); NAND ended a four-month decline, with 1Tb priced at $30.50 (up 14% month-over-month, up 470% year-over-year).
J.P. Morgan believes that demand for AI computing power continues to expand, but structural changes on the supply side are reshaping pricing dynamics. Both proprietary and open-source models are growing simultaneously, with low-cost models capturing market share while high-cost models generate the majority of revenue.
The price drop of the B200 reflects increased production capacity of the next-generation GPUs, while the rebound in H100 prices indicates continued demand resilience for the previous generation. Both DRAM and NAND are strengthening simultaneously, with HBM continuing to exert pressure on DRAM capacity, providing positive support for equipment suppliers.