[SMM Computing Power Midday Review] H100 Low Prices in the West Rebound, Spot Cargo Reigns Supreme as Newly Released Resources Rise

[Market Overview] This morning, the lowest price for H100 in Western China bottomed out and rebounded, while the A800 in Beijing-Tianjin-Hebei consolidated at highs. The lowest monthly rent for SMM H100 80G whole unit in Western China rose from 72,000 yuan to 73,000 yuan, and the lowest hourly rate rose to 12.67 yuan; the highest monthly rent for SMM A800 80G whole unit in Beijing-Tianjin-Hebei held at 33,000 yuan, and the highest hourly rate held at 5.73 yuan. After low-priced resources were absorbed, quotes reverted toward the price center, and the market continued the "Spot Is King" logic.

[H100 Western China: Lowest Price Rebounds, Bargain-Hunting Window Narrows] The lowest monthly rent for SMM H100 80G whole unit in Western China rose from 72,000 yuan to 73,000 yuan, up 1,000 yuan or 1.39%; the lowest hourly rate rose from 12.5 yuan to 12.67 yuan, up 0.17 yuan or 1.36%. The previous 72,000 yuan was a sporadic low price resulting from the release of expiring stock, which was quickly absorbed by the market. The H100 series was released in March 2022 and entered large-scale commercial use in Q3 2022, over three years ago. Some server room resources have been gradually released; however, amid shortages driving up prices, newly released resources are also becoming more expensive, and the window for bargain hunting is narrowing.

[A800 Beijing-Tianjin-Hebei: Consolidating at Highs, Spot Cargo Tight] The highest monthly rent for SMM A800 80G whole unit in Beijing-Tianjin-Hebei held at 33,000 yuan, and the highest hourly rate held at 5.73 yuan. As the previous-generation mainstream commercial GPU, A800 spot cargo in Beijing-Tianjin-Hebei is tight and quoted firmly; consolidating is another manifestation of scarcity.

[SMM View] The current core logic is "Spot Is King": the price center is determined by compliant spot cargo available for immediate delivery. First, after low-priced resources are absorbed, the lowest price is trending back upward, and the supply shortage pattern remains unchanged, with prices more likely to rise than fall in the near term. Second, at the end of the year, a server room in Fujian Province will release a batch of H100 SXM version (over 30 units). If computing power resources remain tight at that time, rental prices will stay high or even rise further; buyers are advised to plan ahead and seize the window of opportunity for newly released resources.