Compute Crunch Deepens: GPU Price Surge, Oversupply Risk, and Neocloud Economics

GPU prices surge (B200 $4/hr, H100 $2.35/hr) while centralized infrastructure expands. Neoclouds like CoreWeave and Nebius show explosive growth but face debt/capex skepticism. Oversupply risk from 'Dark GPUs' could impact DePIN. HIVE Digital's $350M contract and NVIDIA's Ohio megadeal with OpenAI (8GW) further validate demand. Kalshi launches compute markets with forward curves and B200 backwardation, adding a new financialization layer.