[SMM Computing Power Daily] RTX 5090 Monthly Rent Base Price Updated to 11,500; H100 Small and Medium Clusters Seeking 3-Year Lock-in Contracts

SMM, July 3 – According to SMM,

5090 monthly rental quotes and costs revealed

Multiple channels have confirmed that the 5090 monthly rental ranges from 11,500 to 13,000 yuan/unit/month. An operator stated that the 5090 selling price is between 12,000 and 13,000 yuan, with the market floor price at around 11,000+ yuan. One channel quoted 11,500 yuan/month.

Cost side, the operator disclosed that equipment depreciation is about 8-9K and cabinet electricity 2-3K. Based on a three-year payback calculation, the procurement cost per card is about 400,000 yuan, leaving essentially no profit margin at a monthly rental of 11,000 yuan. The operator has placed an order for the 5090 but has yet to receive the goods. SMM previously learned that downstream end-users currently show limited interest in the 4090/5090, with sought-after card models concentrated in high-end computing power such as the H100.

A100-40G 8-card cloud server quoted at 8,800 yuan/month

configuration: 2×Xeon Gold 6248R + A100-40G×8 + 32×64GB DDR4 + IB 200Gbps×4. A broker received a customer requirement for 4 units, quoting the cloud server at 8,800 yuan. Another channel dealer confirmed the availability of spot cargo at this price. On the bare metal side, feedback from multiple channels indicates that demand for the A100-40G is relatively low, with the mainstream being the 80G version.

Demand for small and medium H100 clusters is active

An operator plans to order H100, with an initial batch of about 32 units, seeking 3-5 year closed requirements. SMM learned that competitor quotes for H100 can reach 80,000 yuan/unit/month, while buyers’ psychological price is 74,000–75,000 yuan; above this, they merely watch.

910B2 clearance dilemma:

An operator’s 910B2 server (4×Kunpeng920 + 8×Ascend 910B2-64G + 1TB DDR4 + RoCE v2 networking) was quoted at 13,500 yuan/month. It is reported that 910B2 sales are severely sluggish, with only enterprises having high vacancy rates and needing server deployment showing interest; actual orders are few. Clearance faces structural obstacles: interested parties need to integrate the newly leased equipment into their own IDC unified cluster, but the operator’s resources, due to their nature, cannot support equipment leaving the computer room, and remote management (equipment “travel”) cannot be implemented. They are currently exploring the possibility of dedicated line construction with technical teams. The 910C had already been absorbed previously.

SMM analysis: In the current market, the structural supply-demand mismatch in computing power remains prominent. High-end computing power demand is strong, and once supply is released, it is quickly absorbed, presenting a tight pattern of instant sell-out upon release. In the low-end computing power segment, price trends are stabilizing, reflecting relatively limited support from downstream demand. Overall, the market is undergoing notable stratification and divergence, with supply and demand yet to achieve an effective structural match. It is expected that before a substantive adjustment in capacity structure is completed, this mismatch pattern will be difficult to fundamentally reverse in the short term.