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Supply and Demand: Four Lines, One Frame
Supply: Market-Wide Cumulative H100e Compute (After Gap-Filling, Millions of Chips)#
Market-wide compute reached about 30 million H100-equivalents in 2Q26; the latest quarter is estimated from the shipment run-rate.Draft, pending review
How to read this chart
Chips missing from the tracking data are filled at the 3Q25 shipment pace, and the open quarter is projected from the current run-rate. 2Q26 comes to about 30.1 million after gap-filling; the latest point, 3Q26, is a projection.
Source: Epoch AI (CC BY 4.0); FinSight compilation and estimates · Updated 2026-09-04
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Price: Nominal Floor Price vs Cost for the Same Capability (log)#
The flagship floor price has stopped falling and turned up, while the cheapest way to buy the same capability keeps collapsing. That split is the key price structure of this cycle.Draft, pending review
How to read this chart
The orange line is the lowest blended price among US flagship models; when it stops falling, compute cost pressure is showing. The red line is the lowest cost to reach an intelligence score of 40, and its continued collapse is the efficiency revolution.
Source: FinSight compilation and estimates · Updated 2026-09-04
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Demand: Enterprise Adoption vs Annualized Revenue per H100e#
Enterprise paid adoption and revenue per chip are rising together, which says demand is running ahead of supply.Draft, pending review
How to read this chart
Left axis: enterprise paid AI adoption from Ramp. Right axis: the five model companies' combined annualized revenue divided by market-wide cumulative compute. A rising monetization rate means demand is outrunning supply.
Source: Ramp AI Index (public data); FinSight compilation · Updated 2026-09-04
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Labor: US AI Job Postings, Share of Total (%)#
The share of US job postings mentioning AI keeps making new highs; companies are building AI as a long-term capability.Draft, pending review
How to read this chart
Share of Indeed job postings containing AI keywords, monthly average.
Source: Indeed Hiring Lab (CC BY 4.0); FinSight compilation · Updated 2026-09-04
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Quick-Read Table (Ties to the Weekly Monitoring Matrix)#
The latest reading and direction of the four lines in one table; read the direction first, the number second.Draft, pending review
| Indicator | Latest reading | Direction | Read |
|---|---|---|---|
| 累計 H100e（Epoch） | 30.1M（2026Q2 實績；Q3 run-rate 34.9M） | 季增加速 | 供給正常開出，無斷鏈 |
| 美系旗艦最低單價（LiteLLM） | $4.0／1M tok | 止跌回升 | 算力成本轉嫁中＝供需緊 |
| 智慧 ≥40 最低成本（AA） | $0.175／1M tok | 8 個月 -98% | 效率通縮續行；token 帳單下降≠需求轉弱（mix hift） |
| Ramp 企業採用率 | 55.7%（2026/7 官方頁） | 月增 +0.8pp | 企業端需求續擴；8月文章首提「Crack 」＝增速觀察 |
| 每 H100e 年化營收（Epoch） | $2,445（2026Q2；Q3 首讀 $3,087） | 兩季 +85% | 變現跑贏供給＝漲價有需求支撐 |
| 美國 AI 職缺占比（Indeed） | 5.8%（2026/6） | 穩步上行 | 長期承諾未動搖 |
Source: FinSight compilation and estimates · Updated 2026-09-04
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