What the indexes are. The SemiAnalysis GPU Spot-Contract Composite Indexes - published for the NVIDIA H100, A100, and B200 - are hourly measures of the market price to rent the respective GPU's compute, expressed in US dollars per GPU-hour. Each index is constructed as a composition-jump-resistant weighted mean of rental prices observed across the cloud GPU market, designed to give a single robust reference level for a market whose quotes are scattered across many venues.

Input sources. Prices are collected continuously from hyperscale clouds, neoclouds, GPU marketplaces, and rental routers/aggregators and synthesized with analyst-run contract-pricing surveys. Inputs are chosen for their significance to real buyers, the reliability of their feeds, and a demonstrated tendency to produce a moving market price rather than a static list price. Each provider contributes at most one price per hour to a given index.

Aggregation. Every hour, each provider's observations are reduced to a single hourly price, and provider prices are combined into a weighted mean, with hyperscale clouds weighted more strongly than marketplaces and neoclouds. The aggregation is built to resist composition jumps: sources entering or leaving an index's panel should not mechanically move its level.

Robustness and circuit breakers. All inputs pass through a hardened indexing core before aggregation. Prices are sanity-checked, and a per-step move cap acts as a circuit breaker: an input printing an implausible jump is rejected rather than passed into the level. When a source misses an hour, its last accepted price is carried forward for a limited window (forward-fill), so no index is computed on a constantly shifting subset of sources.

Survey integration. Where contract-pricing survey coverage exists for a GPU (currently only the H100) survey data is combined with the scraped market data into that index's single published series. Survey observations do not step an index: each new observation is crossfaded from the previous point into the next. Indexes without survey coverage are built from the scraped market data alone.

Publication. The indexes are computed and published hourly on this page. The H100 index is additionally distributed on Bloomberg under the ticker SAH100SC.

This summary describes the methodology at the level SemiAnalysis publicly discloses; input composition and parameters are reviewed and may be refined over time. For institutional access to the underlying data, contact sales@semianalysis.com.