ChainThink report, August 28: According to a JPMorgan research note, OpenRouter platform token volume grew 47% month-on-month and 28x year-on-year in August, with spending up 7% month-on-month and 12x year-on-year;

Volume-weighted average pricing declined 28% month-on-month, with low-cost models such as GPT-5.6 Luna contributing approximately 99% of the incremental volume.

In the GPU leasing market, A100 remained stable at $1.65/hour, H100 rebounded to $2.73 (+1.2%), while B200 declined 1.5% month-on-month to $5.63—the first monthly drop since the B200 index launch in September 2025.

DRAM spot prices rose for the fifth consecutive month, with DDR5 16Gb at $50.20 (up 6% month-on-month, +880% year-on-year); NAND ended a four-month downtrend, with 1Tb priced at $30.50 (up 14% month-on-month, +470% year-on-year).

JPMorgan notes that AI compute demand continues to expand, but structural shifts on the supply side are reshaping pricing dynamics. Both closed-source and open-source models are growing in parallel, with low-cost models capturing market share while high-end models remain the primary revenue drivers.

B200 price reductions reflect ramping production of next-generation GPUs, while H100’s rebound indicates resilient demand for previous-generation chips. Concurrent strength in DRAM and NAND underscores ongoing HBM-driven displacement of DRAM capacity, providing positive support for equipment suppliers.