J P M O R G A N North America Equity Research 29 September 2026 Hardware & Networking Data Center Watch: Token Spend Accelerates While GPU Rental and Memory Spot Pricing Track More Mixed in September In the Data Center Watch report, we outline key data points relevant to AI infrastructure demand, including LLM token volumes and prices, GPU rental prices, and memory costs. Taken together, the latest data on LLM token spend growth suggest AI infrastructure demand remains strong, but pricing signals from GPU r ...

J P M O R G A N North America Equity Research 09 October 2026 Hardware & Networking Channel Talk: Takeaways from Discussion with a Large U.S. VAR on Enterprise Spending and OEM Trends (1-212) 622-4527 manmohanpreet.singh@jpmchase.com Marc Vitenzon (1-212) 622-3342 marc.vitenzon@jpmchase.com J.P. Morgan Securities LLC We recently connected with leaders of the client device as well as server and storage practices at a large U.S. VAR to collect feedback on broader demand and customer spending trends in recent ...