[SMM Computing Power Flash] The price of a single high-end computing power unit rose from about 9 million to 13 million, and incoming units are consumed within a week.

An operator quoted 100,000 per month per unit for H100, including rack and electricity, while another operator received a quote of 78,000 and considered the price spread too large; a colleague from an internet company referred the needs of two clients (outright purchase of H20/L20 units plus leasing of 12 high-end complete computing servers), but matching high-end computing power proved difficult; a leading non-ferrous metals company has locked in a long-term computing power agreement, with demand steady and firming; liquid-cooling stainless steel materials have achieved mass production and supply, yet they have not reached the threshold for capacity expansion; for domestic GPUs, official supply is ample while channel supply remains tight, with capacity tilted toward large clients.

SMM learned, on July 14, when an east China operator quoted a price, it pointed out that the equipment must be placed in its data center, including electricity costs at 100,000 yuan/month/unit. Another east China operator indicated that it needed 12 H100 units and could locally find a price of 78,000 yuan/month, considered the 100,000 yuan quotation "unworkable," and proposed a plan to co-build a cluster and share profits to offset revenue, but was rejected by the supplier. SMM previously learned that the mainstream quotation range for H100 in the market was 75,000-80,000 yuan/month/unit, with a significant price spread between operators in different regions.

July 13: About 20 near-spot units of high-end computing power sold out within two to three days; China data centers dismantling H100s to upgrade high-end computing power boosted secondary distribution supply; another high-end eight-card server’s per-unit price rose from about 9 million to about 13 million, with incoming stock absorbed within no more than a week; transactions were dominated by trust rather than going to the highest bidder, and intermediaries commonly added layer-upon-layer markups.