[SMM Computing Power Flash] 3 H200 PCIE units in Central China under annual contract, monthly rental 126,000

SMM learned that an emerging cloud platform in south-west China has deployed a total of 16 NVIDIA 4090 computing power cards for cloud deployment, billed at 1.92 yuan per card hour (including tax), with a relatively stable price. The platform had previously released 4090 cloud computing power at the same price of 1.92 yuan per card hour. This time, it clarifies the scale of 16 cards and supplements the tax-inclusive basis, maintaining a stable quotation. SMM believes that the 4090 is now supplied on a regular basis in a per-card-hour on-demand mode, with the price anchored at 1.92 yuan per card hour, providing a transparent pricing benchmark for elastic computing power of consumer-grade cards.

SMM learned that North China released 50 RTX 5090 servers (1T memory) with a monthly rent of 16,500 yuan per unit under an annual contract. Compared to the annual contract prices of 13,000 to 13,500 yuan for the standard RTX 5090, the 1T large memory version commands a premium of approximately 22% to 27%, clearly reflecting the value of memory expansion. SMM believes that against the backdrop of stabilizing prices for the standard RTX 5090, memory configuration is becoming key to differentiated pricing. Large memory models target VRAM-sensitive inference scenarios, and the premium is supported by demand.

SMM learned that 32 A100 servers were released in east China under a three-year closed-end contract, with a monthly rent of 34,000 yuan per unit. This quote was exactly the same as the sample in the same region for the same model and term on August 20, providing a second validation of the 34,000 anchor. SMM believed that the closed-end price for large A100 80G orders had become highly convergent, and that long-term contract price locking no longer carried a significant term premium, reflecting a balance in supply and demand for existing models.