[SMM Computing Power Newsflash] H100 Mainstream Quotations Rise to 78,000 Yuan/Month, Downstream Budgets Hard to Match

On the investment and construction side, the chaos of 'bottom-line contracting' emerged, where some enterprises involved in lawsuits leveraged high registered capital to package their construction capabilities; in South China, 20 units of RTX 5090 eight-card setups without networking were for lease, with a monthly rent of 13,000 yuan per unit; H100 three-year terms including cabinet and electricity were quoted at over 75,000 yuan per month, with downstream acceptance reaching 78,000 yuan per month, while H200 was quoted at 120,000-135,000 yuan per month and rose this week; surplus RTX 4090 stock and intermediary quotations simultaneously rose (7,200-8,000 yuan per unit); 910B2 along with relocation and networking became mainstream demands of operators. The market's structural stratification continued.

SMM learned that irregularities in the current computing power investment and construction sector are gradually emerging: some enterprises with relatively high registered capital but involved in legal disputes are undertaking data center projects in a "guarantee" manner and striving to complete and launch them within one month. SMM believes that while the capital strength of such entities appears abundant, compliance and performance risks cannot be overlooked, and investing and construction parties must examine the progress of their legal disputes and actual contracting capabilities to guard against timeline and capital risks.

During the company's first earnings call, SpaceX CEO Elon Musk said that the company considers NVIDIA's Vera Rubin architecture to be the "best AI compute architecture." Musk disclosed that SpaceX expects its compute capacity to exceed 2 gigawatts (GW) by the end of this year and approach 10 GW by the end of next year.