[SMM Computing Power Flash] Significant Regional Price Spread for 910B2 Bare Metal: East 21,000, West 10,000

SMM learned that a digital company under a certain operator issued a framework contract for intelligent computing services for a batch of H100 64-card clusters, with a tax-inclusive unit price of 74,000 yuan per unit per month, a service period of 36 months, 64 units totaling 4.736 million yuan per month, and payment terms of one-month deposit plus monthly prepayment. The direct contract price was 1,000-2,000 yuan per unit per month lower than the channel price. The contract stipulated that goods inspection would be conducted within seven working days after order signing, network setup would be completed within 30 days, the goods owner needed to conduct a background check on the lessee, and verbally required a deposit of one month plus three months’ prepayment and a one-year letter of guarantee. In large long-term agreements for H100 clusters, the price spread between the direct price and the channel quoted price serves as a key reference for market pricing.

SMM learned that the accelerated promotion of office AI agents has driven a climb in demand for inference computing power, resulting in a market shortage that urgently needs domestic inference computing power to fill the gap. SMM believes that the large-scale deployment of office AI agents is opening up growth space for inference computing power, providing an entry window for domestic AI computing cards.

SMM has learned that a cloud provider’s AI infrastructure spending has surged significantly, using prepayments combined with long-term agreements to lock in GPU resources and expand its own computing resource pool. SMM believes that cloud providers securing high-end computing power through prepayments and long-term agreements reflects that, amid tight supply, top-tier producers are using upfront capital to exchange for resource certainty.