[SMM Computing Power Flash] South China: 40 RTX 4090 GPUs for half-year fixed-term lease, monthly rent 7,300 yuan

August 27: Pro6000 fully leased units entered the market; five bare metal machines in East China were quoted at 50,000 yuan per unit per month, and a channel for a large internet enterprise reported 55,000 yuan; the rental price band for 4090 was highly convergent, with 40 units in South China contracted at 7,300 yuan for a fixed half-year term, and the transparent monthly rental range for the standard version was 7,100–7,300 yuan; low-priced resources below 7,000 yuan carried ownership or regulatory risks; the 910B4 inference complete machine was quoted at 763,000 yuan per unit, which, together with the monthly rental of 16,000 yuan for bare metal in Southwest China, formed dual dimensions of leasing and sales.

SMM has learned that previously, for hundreds of RTX 4090 8-GPU server rental resources in the market, potential lessees have already shown a willingness to purchase (buy out) the servers outright rather than simply renewing the lease. This shift reflects that the supply of RTX 4090 server rentals is approaching a peak, with a growing trend downstream of switching from "leasing" to "buying." SMM believes that the monthly rental for a 4090 server has stabilized within a transparent range of 7,100–7,300 yuan, and the lessees' move to buy out may be driven by the economics of long-term ownership, accelerating the digestion of existing server positions.

SMM has learned that a resource provider reported the direct rental price for its in-house 4090 machines at 7,500 yuan per unit per month, describing it as “about the same” as SMM’s price anchor. Previously, SMM learned that the monthly direct rental price for the standard 4090 version had converged to the 7,100–7,300 yuan range, and this quotation falls at the upper end of that range. SMM believes the pricing band for 4090 direct rental is highly transparent, with the resource provider’s quoted price broadly consistent with the market range.