Where H100 SXM5 on-demand pricing could be heading over the next 24 months. The headline STRATA forward tracks the median across hyperscaler, neocloud, and marketplace tiers; the three tier curves show how the cone separates by source. Bands cover the ±1.96σ range implied by realized daily volatility, with a 30%/yr floor so sticky list prices don't collapse the cone to a line. The median drifts up at +8%/yr, reflecting industrial-electricity cost growth and grid pressure from data-center demand.
For each tier, the last 30 days of hourly observations roll up into daily medians of the per-hour tier midpoint ((min + max) / 2). The STRATA forward sits on the daily median across the three tier midpoints — the middle tier on any given day, forward-filled when a tier goes quiet. Annualized volatility is the standard deviation of daily log returns scaled by √365. For a horizon T (in days) the band half-width in log space is 1.96·σ·√(T/365); the upper and lower bounds are spot·exp(±1.96·σ·√(T/365)).