[SMM Computing Power Daily] 4090 Market Differentiation Evident; Xingyun Technology’s 5.5 Billion Computing Power Mega-Order Draws Attention

Published: Jul 2, 2026 21:00

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According to SMM, the 4090 market shows significant divergence: a toC platform acquired a long-term contract at 5,800/month last October and is now renting at 6,800/month; the platform expects to purchase at 6,000 or even lower, but a certain XX company clearly states that it is currently a seller's market, with the 4090 market price around 7,000/month, and it is impossible to find resources below 6,000. Large clusters of 4090 are out of stock. Last October, the 4090 was basically above 6,000. A distinction must be made between idle resources (leftover stock from data centers) and market rates.

SMM July 2 – According to SMM, a consensus on 5090 monthly rental prices has formed : multiple channels confirmed that 5090 monthly rentals range from 11,500 to 12,000 yuan, with a certain company quoting 11,500 yuan/month, and a certain company and another certain company all recognizing 12,000 yuan/month as the market reference price. A certain company is purchasing a batch of 5090s, with delivery expected in mid-to-late July, and the specific purchase price has not been disclosed. Based on a three-year payback period, the procurement cost per card is approximately 400,000 yuan.
The 4090 market shows clear divergence : a certain B2C platform entered a long-term contract last October at 5,800 yuan/month, and now rents at 6,800 yuan/month; the platform hopes to purchase at 6,000 yuan or even lower, but a certain company clearly states that it is currently a seller's market, with the 4090 market price around 7,000 yuan/month, and it is impossible to find resources below 6,000. 4090 large clusters are in short supply. Last October, 4090 were basically above 6,000 yuan. It is necessary to distinguish between idle resources (tail-end data center inventory) and market prices—the situation where 32 units are rented out, 30 are taken, and 2 are left represents idle low-price offerings and does not represent the market.
An A100 40G 8-card server is quoted at 8,500 yuan/month : configuration is 2 x Xeon Gold 6248R + A100-40G x8 + 3264GB DDR4 + IB 200Gbps x4. A certain company has 2 units of spot A100/A800 40G, but a certain company reports that 40G demand is low, with the 80G version being the mainstream in the market; this company follows a technical route and does little short-term rental arbitrage. The contract type is fixed-price, and major clients can sign framework agreements.
Xingyun Technology's 5.5 billion computing power mega-order draws attention : Xingyun Technology's holding subsidiary, Hainan Xingyun Intelligent Computing, signed a 5-year computing power leasing contract with a certain VC client, with a total tax-inclusive amount of about 5.508 billion yuan, adopting a phased delivery and phased lease commencement model, with a performance lock-up period and high liquidated damages. A certain company judges that suppliers of this scale are at least at the UCloud level and would not turn to small companies. The flow of the 5.5 billion indicates that there has already been a large amount of purchasing activity in recent weeks, further intensifying the seller's market tightness.

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