Composite retention 74.4%, unchanged on the month.

Monthly data print, September 2026. Method, the six data veins, the worked H100 example and the DOMINO exposure map are set out in the launch print of 2026-08-11 and are not restated here — this print carries the curve, what moved, and the frontier-roll stress, re-run verbatim on the same engine.

Composite retention 74.4%vs prior print 0.0 ptsPrints in band 3 / 3Rubin-roll stress 43.7%Input hash f5981f43…

Cross-check

Validated

3 / 3 print bands hit

Every generation with an observable secondary print lands inside its band — the income model and the resale market agree.

Regime

Ceiling-bound

Replacement cost binds 4 / 4

Income values sit above replacement cost on every generation; the curve is a replacement-cost story, not a cash-flow story.

Frontier roll

Exposed

Next ramp 3 months out

A 1.7x frontier price-performance step cuts composite retention from 74.4% to 43.7% at a stroke.

The curve, September 2026

Income PV is what the rental stream is worth; the ceiling is what frontier arbitrage allows; COMPUTE-RV is the lower of the two.

Retention — COMPUTE-RV as % of launch street price

Generation	Age (mo)	Spot $/hr	Income PV	Ceiling	COMPUTE-RV	Retention	Cross-check
A100-80GB	70	1.60	$9,419	$7,197	$7,197	48.0%	In band
H100-80GB SXM	47	3.23	$40,368	$21,591	$21,591	72.0%	In band
H200-141GB	24	4.20	$65,439	$25,909	$25,909	74.0%	No print
B200-192GB	18	6.00	$97,419	$47,500	$47,500	100.0%	In band

Binding constraint

Replacement cost binds 4 of 4 generations — the index is insensitive to rental assumptions and exposed to frontier pricing. H100: income PV $40,368, ceiling $21,591, broker band $15,000–$28,000.

What moved

Rates, ceilings and the binding constraint, this print against the last. A move in the ceiling column is the frontier repricing; a move in the binding column is the regime changing.

Versus the prior print (2026-08-11): neocloud rates A100 1.60→1.60 (0.0%); H100 3.25→3.23 (-0.6%); H200 4.29→4.20 (-2.1%); B200 6.11→6.00 (-1.8%). Ceilings unchanged. Binding constraint unchanged on 4 of 4 generations. Composite retention 74.4% against 74.4% (0.0 pts).

Generation	Spot $/hr	Δ rate	Δ income PV	Δ ceiling	Binding
A100-80GB	1.60	0.0%	-6.0%	0.0%	replacement ceiling
H100-80GB SXM	3.23	-0.6%	-2.9%	0.0%	replacement ceiling
H200-141GB	4.20	-2.1%	-3.9%	0.0%	replacement ceiling
B200-192GB	6.00	-1.8%	-3.5%	0.0%	replacement ceiling

The frontier roll is the risk

Stress: the next frontier lands at 1.7x the current frontier's street price-performance; every ceiling reprices at once. Next ramp 3 months out.

Generation	COMPUTE-RV today	Under Rubin roll	Retention today	Retention stressed
A100-80GB	$7,197	$4,234	48.0%	28.2%
H100-80GB SXM	$21,591	$12,701	72.0%	42.3%
H200-141GB	$25,909	$15,241	74.0%	43.5%
B200-192GB	$47,500	$27,941	100.0%	58.8%

The risk that moves the index

Composite retention falls from 74.4% to 43.7% the day the frontier reprices at 1.7x — the curve's cushion is one product cycle deep.

The tape so far

Every row is a filed print — hash-chained, externally anchored, never rewritten. The index's history is its own audit trail; 2 prints to date.

Composite retention by print (% of launch street price)

Print	Composite	A100	H100	H200	B200	Bands hit	Input hash
2026-08-11	74.4%	48.0%	72.0%	74.0%	100.0%	3/3	a9af611f…
2026-09-03	74.4%	48.0%	72.0%	74.0%	100.0%	3/3	f5981f43…