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 ...