[SMM Computing Power Flash] Computing Power Platform Massively Purchases Leasing Resources, H100 Closed Budget 75,000

Today, computing power rental prices were flat, with 4 H100 units in the Yangtze River Delta completing testing at 78,000 yuan/month, flat with the previous lowest price. The trend of long-term agreement fixed-price locking strengthened: platforms bulk-purchased H100 (five-year fixed price of 75,000), H800 transacted with two-year long-term agreements at 78,000, and H100 three-year fixed-price demand at 80,000, while high-end spot cargo remained tight. Domestic 910B2 stabilized and entered a plateau period, and the Pro 6000-series formed differentiated cost performance. The mismatch between short-term rental and long-term agreements accelerated the shift of pricing power toward long-term contracts and resource owners.

SMM learned that a certain channel transacted 32 units of H800 at 78,000 yuan per unit per month on a two-year long-term agreement, with the server room located in Hunan, and the channel had no deliverable spot supply in the short term. Previously, the market quotation for short-term H800 with operation and maintenance included was 85,000 yuan per month (mid-August), and this transaction price was about 8% lower than that quotation, but the prices were not directly comparable due to different channels and lease terms. Currently, the H800 market is dominated by the circulation of existing resources, with tight spot supply and inquiry demand remaining active.

SMM learns that an end-user client currently has a demand for leasing 96 units of H100 with a closed three-year contract, specifying the NVLink version, with a budget of 80,000 yuan per unit per month. The client requires a direct contract with clear property rights, and data centers in Xinjiang are also acceptable. Channel feedback indicates that large cluster resources for H100 are tight recently, and some clusters have already been locked by other clients. From the demand side, the purchase willingness for large quantities of three-year NVLink has significantly increased, while on the supply side, it is difficult to match resources of the same scale in the short term.