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 ...

Vi e w p o i n t | 02 Oct 2026 18:13:02 ET │ 34 pages Artificial Intelligence Citi's Inference Ahead - Building the Rails for Scaled Intelligence CITI'S TAKE Gemini 4 Argon (9/30) scores 53 on AA, matching Fable 5.1 and GPT-6 Astra. The model's design extends the frontier trend of building models for agents tackling multi-step work across ever-larger software projects, while delayed broad availability follows a wider industry shift toward phased releases that give providers more time to strengthen safeguard ...

Vi e w p o i n t | AI capabilities are advancing, but generating returns requires infrastructure and enterprises to keep pace. A central theme at infra/STRUCTURE Summit was that maintaining DC project timelines increasingly depends on working with local communities rather than simply building around them, making responsible development a key enabler of long-term capacity expansion. At AlphaSummit, AlphaSense said AI performs 98% of platform research, although Lanai CEO Lexi Reese estimated only about 2% of ...