SK Hynix and SanDisk Introduce First HBF Specs, Expanding Next-Gen Memory Tech Alliance

SMM has learned that a source from an operator's channel said the price of H200 eight-card servers has been continuously rising and "is no longer cost-effective," estimating the current actual transaction range to be between 115,000 and 125,000 yuan per unit, and reporting that a leading computing power supplier's quoted price has reached 130,000 yuan per unit. Meanwhile, a batch quotation of 256 units with a three-year closed contract at 135,000 yuan per unit emerged in the market. The channel source said it was quoted by someone from a publicly listed firm, but judged that there were many intermediary links or possible self-circulating transfers, casting doubt on the authenticity of the large-scale quotation. Another low-price quotation for 128 units under a closed long-term agreement (98,000 yuan per unit for three years, 96,000 yuan per unit for five years, plus brokerage fees) has been questioned as false information. The coexistence of sporadic H200 deals reaching 130,000 yuan per unit and widely circulating high-price large-volume quotes has intensified price divergence, reflecting channel holdbacks from selling and price spikes amid tight high-end computing power supply.

The highest monthly rental price for H100 in the western region rose to 79,500 yuan (up 0.63%), and the highest per-card hourly rate rose to 13.15 yuan (up 0.31%), with the supply tightness continuing. The scarcity of computing power has worsened NVIDIA server leasing liquidity, and the pressure has already transmitted to servers loaded with GPUs such as the 5090. Procurement prices for the 5090 and Pro 6000 are expected to peak within 1–2 weeks.

SMM believes that the procurement of high-end computing servers is taking on characteristics of commodity trade, with the core being the control and supply capability of scarce resources. Currently, the number of entities with genuine supply capabilities is limited. Some market participants use false information and unverifiable “server delivery certainty” to pose as supply sources, misleading both parties to the transaction. SMM believes that the scarcity attribute magnifies information asymmetry, and buyers must verify the authenticity of supply sources through delivery capabilities and contract closure and beware of futures-like commitments.