[SMM Computing Power Daily] H200 Transactions Surge to 130,000 amid Frequent Fake Supply

SMM Aug. 4 news:

H200 prices continued to rise, with a 130,000 yuan deal confirmed directly by the cargo owner.

A source from an operator's channel reported that the H200 eight-card server's "price is already untenable" and is still rising. They estimated the current actual transaction range to be between 115,000 and 125,000 yuan per unit, and noted that a leading supplier's quote had reached 130,000 yuan per unit, which they considered inflated and hard to offload. On the same day, a computing power cargo owner confirmed that their previously listed H200 141G eight-card server (originally quoted at a monthly rent of 130,000 yuan per unit for a two-year contract) was transacted at 130,000 yuan per unit, confirming the H200 uptrend. This cargo owner also had Ascend 910B4 64G eight-card servers quoted at 20,000 yuan per month for a one-year contract, with a one-month deposit and one-month payment terms (configured with Kunpeng 920 48-core ×4 and 1.5TB memory), as well as spot RTX 4090s; however, the 910B4 models cannot be relocated, and thus don't match the operator's requirements.

High-end computing power procurement is becoming similar to bulk commodity trading, with frequent false supply information.

High-end computing power server procurement is exhibiting characteristics of bulk commodity trading, with the core being control over and supply capacity of scarce resources. Currently, the number of entities with real supply capabilities is limited, and some market participants are posing fake information and unverified "server delivery certainty" as actual supply. The channel side corroborates this: a source from an operator's channel pointed out that the widely circulated low-price offer for 128 H200s under a fixed-price long-term contract (98,000 yuan per unit for three years, 96,000 yuan per unit for five years, plus intermediary fees) is suspected to be false. Another batch quote for 256 units under a fixed-price three-year contract at 135,000 yuan per unit was reported by personnel from a publicly listed firm, but the channel judges that there are many intermediary links and potential circular trading, casting doubt on the authenticity of large-scale quotes. Scarcity amplifies information asymmetry, and buyers must verify supply authenticity through delivery capability and contract closure.

Investment in RTX 5090 reference cards and Pro 6000D heats up.

Computing power rental costs remain high, and Nvidia server-grade GPU prices continue to rise, with cost pressure being transmitted along the industry chain. In this context, the market's investment focus shifts to RTX 5090 reference cards and Pro 6000D GPU servers. These models offer advantages in both inference performance and supply availability, potentially becoming a new path to reduce per-unit computing power costs during high-cost cycles, but large-scale investment is still constrained by power supply and delivery schedules.

Futures contract default penalties and deposit rules are unclear.

Chaos has recently emerged in "futures" trading in the computing power rental market. Some contracts have unclear definitions of default penalties, and deposit collection and refund rules lack a unified standard, becoming a key concern for both parties. Futures-like transactions inherently carry delivery cycle and price fluctuation risks; ambiguous contract terms amplify the probability of disputes, and the industry urgently needs to clarify penalty and deposit details to ensure the orderly fulfillment of existing orders.

Supply side continued to tighten.

SMM has learned that a computing power company internally confirmed it currently had no GPU resources available for lease, but said that if there is demand for inference optimization, it can provide a packaged solution of "resources + inference optimization services." Its feedback aligns with the channel's assessment that "several players are quite short," reflecting the shrinking supply of leasable high-end computing power.

SMM analysis: Today's information depicted the deepening tight balance in the high-end computing power market from three dimensions: price, supply, and trading ecosystem. On the price side, individual H200 transactions broke through 130,000 yuan per unit, with channel feedback indicating the main transaction range was still framed between 115,000 and 125,000 yuan per unit, but the direct cargo owner transaction confirmation underscored the undeniable uptrend. On the supply side, leasable resources continued to tighten, with some companies explicitly stating they had no stock for lease. On the trading ecosystem side, problems such as rampant false supply information and lack of futures contract rules emerged, counterbalancing the trend of high-end computing power procurement becoming like bulk commodity trading—scarcity amplified information asymmetry and trading friction. The market at this stage faced dual challenges: declining price discovery efficiency and rising fulfillment risks.