[SMM Computing Power Express] An operator quoted a monthly price of 100,000 yuan for H100 including electricity, and another operator, after inquiring, deemed the price spread too large.

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.

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.

SMM has learned that a dealer disclosed that the current price per unit of a high-end computing eight-card server has risen from about 9 million yuan to approximately 13 million yuan, an increase of over 44%. High-end computing power can be absorbed within a week of arrival, and three to four prospective buyers negotiate price and contract details, with delivery going to whoever signs the contract and has funds ready first. The dealer stated that high-end computing transactions are dominated by trust relationships rather than simply going to the highest bidder; buyers must first agree to the quotation before inspecting the goods. The practice of intermediaries adding layers of price markups is common, and it is not uncommon for a purchase at 9 million yuan to be resold through multiple hands to 13 million yuan.