[SMM Computing Power Midday Review] H100 highest price in the Yangtze River Delta rises again, inference demand warming transmits to the leasing side

[Market Overview] The SMM computing power rental price index rose locally today. Among the 19 indices, only the H100 Yangtze River Delta index adjusted, while all others remained unchanged. On the demand side, sentiment showed noteworthy growth: computing power prices around major cities continued to rise, driven mainly by warming inference demand. A leading large-model application tightened free usage for C-end users, further widening the computing power gap.

[H100 Yangtze River Delta: Highest Price Up 2.41%] The highest monthly rent for the SMM-H100-80G full server in the Yangtze River Delta rose from 83,000 yuan to 85,000 yuan, an increase of 2,000 yuan, or 2.41%. The highest per-card hourly rate rose from 14.41 yuan to 14.76 yuan, up 2.43%. The average monthly rent also rose to 81,500 yuan, up 1.24%.

The highest price for the H100 in the Yangtze River Delta continued to climb early this week. Combined with the overall upward shift in the western region last week, high-end model quotes showed strength across multiple points.

[Demand Side: Inference Demand Warms, Beijing Area Seen Rising to 90,000] Market sentiment shows that computing power prices around major cities continue to rise, mainly due to rising inference demand. A leading large-model application has tightened free usage for C-end users. Free users who reach their usage peak must wait one week before continuing use, and new user subscriptions have not yet been opened. The robust C-end inference demand is evident. Market sources say the rental price for H100s in areas near Beijing is expected to rise to 90,000 yuan per unit per month. If realized, this would set a new high for H100 monthly rent.

[SMM View] Today's signals focus on strengthening demand-side logic. First, C-end inference volume is becoming a new source of computing power demand growth. Leading applications are managing computing power shortages through queuing and rate limiting, indicating that inference-side supply is approaching saturation. Demand spillover will directly push rental prices higher. Second, the rise in the highest H100 price in the Yangtze River Delta and the expected rise to 90,000 yuan near Beijing corroborate each other. Areas around first-tier cities where large-model applications cluster are forming computing power price highlands. Third, combined with last week's sellout of 5090 full servers and the absence of discounts for H200 over long cycles, high-end and consumer-grade spot supply are tightening simultaneously. SMM believes the price increase cycle driven by inference demand may have just begun. Close attention should be paid to whether H100 quotes around first-tier cities can hold above the 90,000 yuan mark.