小摩：AI token 支出月增 7%、B200 租赁首降 1.5%、DRAM 现货连涨五个月

小摩：AI token 支出月增 7%、B200 租赁首降 1.5%、DRAM 现货连涨五个月

2026-08-28 10:09

ChainThink 消息，8 月 28 日，据摩根大通研报，8 月 OpenRouter 平台 token 量环比增长 47%、同比增长 28 倍，支出环比增长 7%、同比增长 12 倍；

量加权平均定价环比下降 28%，GPT-5.6 Luna 等低价模型贡献约 99% 的增量。

GPU 租赁市场方面，A100 持平于 1.65 美元/小时，H100 反弹至 2.73 美元（+1.2%），B200 环比下降 1.5% 至 5.63 美元，为 2025 年 9 月指数发布以来首次月度下跌。

DRAM 现货连续五个月上涨，DDR5 16Gb 报 50.20 美元（月 +6%，年 +880%）；NAND 终结四连跌，1Tb 报 30.50 美元（月 +14%，年 +470%）。

小摩认为，AI 算力需求仍在扩张，但供给端结构性变化正重塑定价逻辑。闭源模型与开源模型同步增长，低价模型抢占份额但高价模型贡献主要收入。

B200 降价反映新一代 GPU 产能放量，H100 反弹显示上一代需求仍有韧性。DRAM 与 NAND 同时走强，HBM 对 DRAM 产能的挤出效应仍在持续，对设备供应商构成积极支撑。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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