The Board · key levels · as of the 2026-09-09 cycle

The market, in its own units.

Every reading below is a dated stored record with its evidence tier stated, linking to the one surface where it lives in full. Evidence hierarchy: concluded transactions > signed terms > firm quotes > bookable asks > list prices > commentary. A unit the market uses that The Grid does not collect is stated as a gap — never a blank, never an invented figure.

$/GPU-hr · assessed

WITHHELDpanel below two contributing providers

GAP-H100 spot · tier-2 bookable asks · withheld record 9 SEPT 2026 · min-obs rule · /instruments →

$/GPU-hr · the register

H100 ×20 · H200 ×9 · B200 ×5 — 34 dated offers held; the quotes themselves live on the register.

bookable asks + posted list (tiers 4–5) · 7-day lookback · latest offer 9 SEPT 2026 · /providers →

Term premium $/GPU-hr

GTS-1YSUSPENDEDFINAL PRINT 21 AUG 2026

since 22 AUG 2026 · methodology change notice 2026-08-14 · the dated notice →

Memory · $/chip

$54.50DDR5 16Gb chip spot · TrendForceHBM: no public price series exists — contract/allocation priced; reported states only, attributed and dated, recorded in the claims ledger → — never synthesized into a number.Scope: DRAM held (chip spot); HBM and NAND not collected — stated, never estimated.

DDR5 16Gb chip spot · TrendForce · reported market information (tier 3) · 9 SEPT 2026 · GPI Memory-factor input · /standards/instruments/gpi →

Equity tape · index

98.3divergence vs physical -3.8 pts (9 SEPT 2026)

GCCX · 29 tickers · base 100 = 09 JUN 2026 · exchange closes (confirmation layer, never an input) · 9 SEPT 2026 · /instruments →

Inference · $/day

S $2.16/day (9 SEPT 2026)L $191.60/day (9 SEPT 2026)

Grid Inference Spread (API path − cheapest path, reference workloads S/L) · v1.0 is token-denominated; models differ in tokens-per-task; efficiency-adjusted v1.1 in development. · /instruments →

$/Mtok · token prices

88 stored list-price rows across 7 providers · latest 9 SEPT 2026 — the levels live on the reference table.

posted list prices (tier 5) · a reference table, not an assessment (ladder rung 3, decision of 2026-08-20) · /normalisation/token →

Capex $B · disclosed

AMZN $54.2B (Q ended 30 JUN 2026) · GOOGL $35.7B (Q ended 31 MAR 2026) · MSFT $30.9B (Q ended 31 MAR 2026) · META $19.0B (Q ended 31 MAR 2026) · ORCL $8.5B (Q ended 31 AUG 2025) · MU $5.4B (Q ended 27 NOV 2025) · +3 more issuers tracked

as-filed XBRL, SEC EDGAR (sec_quarterly register) · latest quarterly frame per issuer · disclosed figures, never estimates

Power · GW

US interconnection queues 1921 GW across 9 markets · collected 9 SEPT 2026announced capacity pipeline: 10 commitments · 12 GW stated across 7 that state one · $264B stated across 6 · latest announced 7 MAY 2026

interconnection queues: interconnection.fyi collection (stored register) · pipeline: announced commitments register, stated figures only, summed — never estimated · /supply-chain →

$/MW-yr

NOT COLLECTEDno source of record — The Grid collects no capacity-cost-per-megawatt series.

the capacity-register column family ($/MW-yr revenue · rental · capex-per-MW) is specified (planning-022) and gated behind the instrument gate — no such series is derived or printed

THE GRID PUBLISHES CONDITIONS AND INPUTS — MARKET OBSERVATION, NEVER INVESTMENT OR PROCUREMENT ADVICE.thegridco.ai/standards