[SMM Computing Power Flash] Batch spot sales of 5090 in South China, turbo cards quoted at 43,500 yuan per unit

SMM has learned that a capital provider in east China has completed the construction and installation of 32 Pro 6000 eight-GPU full servers, but the units have not yet been put on racks, and no leasing clients have been secured. SMM previously collected a monthly rental quote of 36,000–37,000 yuan per unit per month for the Pro 6000. Recently, signs have also emerged of idle order circulation, with 32 units of the same scale being offered for lease while demand is simultaneously listed. Upstream delivery default risk is rising at the same time. SMM believes that this model uses GDDR7 memory rather than HBM, making it less suitable for training scenarios and leaving its positioning unclear. Coupled with leading cloud vendors bringing similar resources online in batches in September, later-stage demand and capacity face the risk of being squeezed.

SMM learned that demand emerged in the market for online leasing of 16 complete H100 systems, with the lessee budgeting no more than 83,000 yuan per unit per month. Compared with the current mainstream H100 quotations of 75,000–82,000 yuan per unit per month, this budget already exceeds the upper end of the range by 1,000 yuan. Looking at the trend, similar demand on July 20 carried a budget of 71,000 yuan, which has been revised upward by 12,000 yuan within a month and a half, an increase of 16.9%. SMM believes that the lessee's rapidly rising budget and willingness to offer a premium reflect that demand-side expectations have been pulled along by spot prices; online deployment eliminates the need for relocation and data center coordination, and this convenience is now being priced separately.

SMM learned that on July 20, a lessee with demand for renting eight H100 full servers set a budget of 71,000 yuan per unit per month. Against the current market, mainstream quotations for this model have risen to 75,000–82,000 yuan per unit per month, with the lower end of the range exceeding the budget by 4,000 yuan and the upper end by 11,000 yuan, representing increases of 5.6%–15.5%. During this period, bulk resources in north China were quoted at 75,000 yuan for a four-year closed contract and 76,000 yuan for a five-year closed contract, while annual contracts in east China reached 82,000 yuan. SMM believes that the lessee's budget has been clearly outpaced by market prices within a month and a half, and the window for low-priced H100 resources has essentially closed.