SMM August 24 News:
Pro6000D: Price Dropped to 73,700 Yuan/Piece, Concentrated Supply Release
SMM learned that multiple channels indicated a concentrated release of Pro6000D supply recently, with spot cargo heavily quoted in Shenzhen, Beijing, etc. The unit price has dropped to 73,700 yuan/piece (tax included), with another quote at 75,000 yuan/piece. Over 90 messages about weekend shipments and recycling were recorded. On the demand side, only 32 units were sought for a one-year closed-end lease, showing a clear imbalance in supply and demand. Previously, there was a concentrated release of about 500 units of this model as spot cargo, coupled with continuous supply influx this week, putting significant destocking pressure on holders. The Pro6000-series is characterized as a buyer's market.
H200: Buyout Price of 5.26-5.35 Million Yuan/Unit Set as New Anchor; Lease at 122,000 Yuan/Month
SMM learned that a Shenzhen dealer released 256 units of Dell H200 SXM 2T spot cargo, quoting 5.26 million yuan/unit, with online contract and cargo pick-up at the same platform; another channel quoted the same model at 5.35 million yuan/unit. Supermicro H200 complete machines are delivered at 32 units per week for a total of 200 units, signed directly with major factories. On the lease side, a buyer sought to lease 64 units of H200, in a Shanghai data center with IB networking, quoting 122,000 yuan/unit/month for a five-year closed-end contract, about 5% lower than the previous market quote of 128,000 yuan/month. Additionally, a listed cloud service provider reported that during the H200 lease period, the supplier canceled the contract and resold the complete machines, giving only one week's notice for vacating, indicating a clear tendency of sellers to pick clients. Both buyout and lease sides of H200 are seeing simultaneous volume growth, with increased circulation activity and transaction risks.
5090: Thousands of Units of Spot Cargo Await Digestion; Short-Term Lease and Long-Term Contract Mismatch
SMM learned that a dealer in South China released 1,000 units of eight-GPU 5090 server spot cargo, along with 128 turbine complete machines in storage and 500 pieces of turbine GPU in circulation. On the demand side, a closed-end lease for 128 units for one year is being matched with a data center in east China (40 units arrived, 32 units already reserved). As the supply side prefers long-term contract delivery while the client's lease period is at most one year, there is a temporary mismatch. A computing service provider quoted 13,000 yuan/month per 1T unit. The 5090 supply reached a thousand-unit level per batch, and the supply side favors long-term contracts, with a clear mismatch between short-term lease demand and long-term supply.
H20: 141G Contract Price of 52,000 Yuan/Month Confirmed by Multiple Channels; 96G Version Sees 80-Unit Actual Order Acquisition
SMM learned that a cloud service provider quoted H20 141G for 10 units in Hong Kong and 40 units in Dubai, at 52,000 yuan/unit/month (tax included). A listed cloud service provider also confirmed 52,000 yuan as the contract price. The channel price and the listed cloud vendor's price corroborate each other, making 52,000 yuan/unit/month a stable anchor for 141G H20. For the 96G version, an actual order acquisition demand for 80 units emerged, requiring inspection at the same platform or offline. Overseas resources (Hong Kong/Dubai) supplement domestic supply, and H20 spot cargo circulation is relatively abundant.
H100: Large Order in Ulanqab Stuck at Cargo Ownership Verification Stage
SMM learned that a project party's lease demand for 32/64/96-unit H100 clusters was matched with a 64-card cluster resource from an operator in Ulanqab, with a quote of 75,000 yuan/unit/month for a five-year closed-end contract, previously in the "contract signing" stage. The latest feedback showed that the signing was stuck at the cargo ownership verification stage: another source confirmed the cargo existence, but the counterparty was temporarily unwilling to cooperate with inspection, with specific reasons still under coordination. Another computing platform is batch purchasing H100 resources at a budget of 75,000 yuan/unit/month for a five-year closed-end contract. The issue of ownership verification in large-scale lease delivery of operator clusters is again highlighted.
4090: 115 Units in East China Leased at 7,100 Yuan/Month; 7,200 Yuan Anchor Continues
SMM learned that about 115 idle 4090 servers in east China are being leased out, as first-hand assets from the resource owner, at 7,100 yuan/unit/month, with optional 6-12 month lease terms, minimum 32 units to start, one-month deposit and one-month payment, each machine: 8×4090 24G, dual Xeon 8352V, 512GB DDR4. Another channel in Guangdong reported 5 units of 24G 4090 at 7,200 yuan/month, with monthly or annual lease options. The 4090 lease price is running in the 7,100-7,500 yuan range, with first-hand low-priced resources coexisting with channel quotes.
Domestic Computing Power and Others SMM learned that the market saw spot cargo of Huawei Ascend 910B servers (KunLun G5680 V2, 4×Kunpeng 920+8×Ascend 910, HCCS version); a smart computing center in North China operated by an operator has total computing power of 20,100 P, of which 16,700 P is intelligent computing power, about 90% serving the Beijing-Tianjin-Hebei region. The computing-power synergy model has been implemented, with a green electricity direct supply project phase I by a North China power generation enterprise providing about 761 million kWh of green electricity annually, and a new energy utilization rate of over 95%, adopting a green electricity direct supply plus energy storage configuration model. On the demand side, 950 periods are being brought online in batches (cloud service provider side in Q3, operator side in Q4), with supporting period demand from leading internet enterprises being released simultaneously.
SMM Analysis: Market information on August 24 showed that both supply and demand sides of computing power lease are releasing volume simultaneously, but with significant differentiation across models. On the demand side, lease demands for 64 units of H200, 128 units of 5090, and 32 units of Pro6000 emerged concentratedly over the weekend, all for high-end models with five-year closed-end long-term contracts and pragmatic payment terms (two-month deposit, one-month payment, bank guarantee), reflecting a clear intention by downstream players to lock in long-term computing power costs. On the supply side, the buyout price of H200 at 5.26-5.35 million yuan/unit formed a new anchor, with lease quotes down about 5% from earlier; while the Pro6000D price dropped to 73,700 yuan/piece, and thousands of units of 5090 spot cargo await digestion, turning the professional card market into a buyer's market. Within the same market, the H-series is in tight supply while the Pro/5090 series are in surplus, with differentiation between models further intensifying. Meanwhile, the large H100 order in Ulanqab is stuck at ownership verification, and H20 acquisition requires same-platform inspection, indicating that risk control thresholds for large transactions have been simultaneously raised, lengthening the completion cycle.
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