Silicon spread · price ÷ floor
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What does the market pay above the electricity?
An H100-hour is electricity transformed into work — compute's version of the spark spread that prices every gas power plant. We chart the transacted GPU price (Ornn, the ICE futures reference) over its industrial-power floor (EIA, datacenter-region). Everything above the floor is scarcity, capital recovery and margin — the premium the market puts on intelligence.
The multiple of the transacted H100 price over its power floor, daily from Ornn's prints. The floor is nearly constant — this chart is the scarcity premium itself.
The full transformation chain the AI economy runs on — each layer priced live by a KOPS index.
An H100 SXM draws ~0.7 kW; datacenter overhead adds 1.3× PUE; industrial power comes live from EIA for the biggest datacenter states (TX / VA). Floor = 0.7 × 1.3 × $/kWh — the price of the raw electricity in a GPU-hour.
The numerator is transacted, not posted: Ornn's H100 index, built from printed transactions and referenced by ICE's compute futures. We archive its rolling window daily so the history stays free.
SPREAD = price − floor, quoted as $/hr and as a multiple. The multiple is the headline: it's dimensionless, comparable across power regimes, and falls as compute commoditizes.
Electricity in, intelligence out — the premium in between, measured daily.