[SMM Computing Power Daily] H100 Cluster Long-Term Agreement Standoff: Sellers Hold Firm at 75,000, Buyers Target 74,000

SMM, Aug 19 –

H100: Price Negotiation on 64-Card Cluster Long-Term Agreement, Supplier Holds Firm at 75,000 Yuan Bottom Line

SMM learned that a telecom operator in North China has entered price negotiations for the long-term lease of an H100 80G 64-card cluster. The supplier quoted a closed-end price of 75,000 yuan per unit per month for a five-year term, with one-month deposit and three-month advance payment. The lessee, a computing power service provider, targeted a price of 73,500–74,000 yuan per unit per month, resulting in a price gap of 1,000–1,500 yuan. The supplier completed a background check on the lessee, noting its registered capital of approximately 1 million yuan, while the annual rent for 64 units would reach 57.6 million yuan. Based on this, the supplier demanded a one-year letter of guarantee and stated that other operators also assess contracting parties based on asset scale. The supplier mentioned that several clients are currently enquiring, and another publicly listed firm also quoted 75,000 yuan. The supplier believes there is no profit margin at this price and is unwilling to reduce. The contract template shows a tax-inclusive unit price of 74,000 yuan per unit per month, a service period of 36 months, one-month deposit plus monthly prepayment, and delivery terms of equipment inspection within 7 working days after contract signing and network setup within 30 days. Previously, the cluster’s closed-end quotations through channels were 76,000 yuan for a 4-year term and 75,000 yuan for a 5-year term per unit per month. The primary contract template price is 1,000–2,000 yuan per unit per month lower than the channel quotes.

910B2: Bare-Metal Regional Price Gap Near 100%, Fragmented Pricing for Domestic GPUs

SMM previously learned that leasing prices for the Ascend 910B2 bare-metal server exhibit significant regional differences. Market feedback indicates quotations of around 21,000 yuan per unit per month in Shanghai, about 12,000 yuan in Wenzhou, and as low as 10,000 yuan in western regions – nearly a 100% price gap for the same model across different regions. One channel distributor noted that they no longer dare pass on quotes below12,000 yuan to clients. Currently, another channel is quoting approximately13,000 yuan per unit per month for the 910B2, pending client confirmation. SMM price index data shows that from early July to Aug 17, the average leasing price for the 910B-64G in western regions fell from 17,500 yuan to 13,750 yuan per unit per month, a decline of 21.4%. Over the same period, the H100-80G Yangtze River Delta index rose from 73,000 yuan to 79,500 yuan per unit per month, up 8.9%. The price trends of domestic compute power and Nvidia’s high-end GPUs continued to diverge.

4090: Channels Report No Recent Transactions, Quotations Held at 7,200–7,500

SMM previously learned that a channel distributor reported having no 4090 8-card servers available for delivery and no recent transaction records. SMM pricing table shows the Yangtze River Delta monthly lease range for 4090-24G servers at 7,200–7,500 yuan per unit per month (average 7,350 yuan), and the Pearl River Delta region at 7,500–7,600 yuan per unit per month (average 7,550 yuan). The channel also mentioned turrning to domestic GPU models to find alternative supply. The leasing prices of 4090 remaind within the 7,200–7,500 yuan range. Some channels reported tight supply, while overall market trading activity awaits further confirmation.

SMM Analysis: The main theme in today’s market is the price negotiation on H100 long-term agreements and the fragmentation of domestic GPU pricing. On the H100 side, the 64-card cluster long-term contract moved from channel closed-end quotes (75,000–76,000 yuan) to the contract negotiation stage. The supplier’s bottom line of 75,000 yuan remained firm, while the buyer’s target of 73,500–74,000 yuan was unlikely to be reached, leaving a price gap of1,000–1,500 yuan at the negotiating table. Operators evaluate the contracting party based on registered capital and require a letter of guarantee. The fact that "other operators also follow this practice" indicates that the credit threshold for large-scale long-term agreements has been standardized – the entry barrier for smaller lessees continues to rise. The supplier stated that 75,000 yuan "already leaves no profit," a clear signal that the supply side is under profit pressure. This contrasts with earlier channel reports that procurement prices had risen to 2.74–3 million yuan per unit, widening the scissors gap between rising procurement costs and squeezed leasing prices. On the 910B2 side, the same model’s regional price gap is near 100%, from21,000 yuan in Shanghai to 10,000 yuan in western regions. The SMM 910B western index has fallen 21.4% since July, while the H100 Yangtze River Delta index rose 8.9% over the same period, continuing to diverge. The fragmentation of domestic GPU pricing is far more severe than that of the Nvidia series. On the 4090 side, some channels reported no inventory and no transactions, but the Yangtze River Delta 7,200–7,500 quotation range held. Tight supply from individual channels does not necessarily mean an overall supply disruption; further cross-verification across multiple channels is needed.