[SMM Computing Power Daily] H100 Relocation Excludes Cabinet Power; Asking Price of 65,000 Was Rejected by the Supplier

SMM News, August 20:

H100: Carrier Relocation Demand Priced at 65,000; Suppliers Clearly Said It Was Not Feasible

SMM learned that an IT leasing company reported that a carrier client requested an H100 relocation to Zhejiang, requiring bare-metal delivery excluding cabinet power, with an offer of only 65,000 yuan per unit-month. The channel clearly stated that “65,000 is not feasible.” The channel also disclosed that it was unwilling to sign contracts directly with carriers, mainly because carriers did not make payments on time, used back-to-back settlement and tied up one month of funds, and were therefore rated low in terms of creditworthiness. Current market quotes for H100 bare metal were generally above 74,000 yuan per unit-month, and suppliers showed low willingness to take low-priced bare-metal relocation orders.

48G 4090: A Cloud Producer Raised Its Quote to 12,000/Month

SMM learned that a cloud producer listed a 48G 4090 physical server on its official website at 11,500/month. When the price was confirmed during inquiry, the other party said, “Prices have all gone up a bit now; it’s 12,000 yuan a month,” adding that supply was available and a six-month lease term was negotiable; the model was also available in a cloud VM form factor. Previously, SMM had learned that some cloud platforms had demand for 48G 4090 or A100 40G. As a non-standard configuration, the 48G 4090 faced tight supply, with prices rising.

Domestic Computing Power: Clusters Fully Loaded With Queues; Next-Generation Accelerator Cards Not Yet Online

SMM learned that a leading domestic computing power service provider confirmed that the most-traded card model currently offered externally for sale in its clusters was its self-developed domestic AI accelerator card, and that the next-generation product had not yet officially gone online. The clusters were currently fully loaded, and new orders could only be delivered after existing users released resources. The minimum lease term for bare metal was at least six months, and users were mainly from industries with domestic substitution needs, such as central state-owned enterprises, government, finance, and healthcare. The provider said that, at the group level, it was considering a second cluster of the same scale. Through mutual information exchange and confirmation, A800 supply in the market had basically disappeared and had not been seen in the past two weeks; DeepSeek V4 Pro 0813 resources were tight, with no discount, priced the same as the official price.

Market Supply: New Long-Term Contract Supply for A100/5090/4090

SMM learned that new supply information was added today: in east China, 32 units of A100 80G at a monthly rent of 34,000 yuan per unit, three-year closed-ended; in Northeast China, 32 units of 5090 eight-card at a monthly rent of 13,000 yuan per unit, annual contract; a new cloud platform in Southwest China released 4090 cloud computing power, with a card-hour price of 1.92 yuan per card-hour. In addition, an H800 flash update was released today: an H800 short-term monthly rent from a carrier in east China was 85,000 yuan per unit-month, including O&M, which was 11,000-13,000 yuan/month higher than SMM’s price collection range of 72,000-74,000/month.

SMM Analysis: The main market theme today was a simultaneous tightening of the supply-side price floor and credit screening. On the H100 side, low-priced bare-metal relocation orders were rejected outright, suppliers rated carriers low in creditworthiness, and quotes above 74,000 yuan/month were relatively consistent on the supply side. For the 48G 4090, suppliers proactively raised quotes by 500/month for this non-standard configuration, and pricing power for scarce models tilted toward the supply side. On the domestic computing power side, leading clusters were fully loaded with queues and required a minimum lease term of at least six months, indicating real support for demand for large domestic computing power; signals of disappearing A800 supply, together with rising prices for H100 and 48G 4090, strengthened supply-side bargaining power for high-end and scarce models. New platform supply was mainly based on long-term contracts with locked-in pricing (A100 three-year closed-ended, 5090 annual contract), and existing resources tended to be absorbed through stable contracts.