[SMM Computing Power Midday Review] Index consolidates, H200 rental spot budget anchored at 134,000

[Market Overview] The SMM computing power rental price index consolidated overall today, with all 19 index quotes unchanged from the previous trading day. The existing models that rose yesterday and H100 in western China both stabilized. On the price collection side, three signals came from whole-machine procurement, per-card-hour pricing, and preference for the spot H200 version, adding multiple reference points to the price system.

[H100 Whole Machines and H200 Spot: Hardware Prices and New Anchors] A new quote for H100 whole-machine spot emerged at 3.4 million yuan per unit. Compared with the highest rental price of 85,000 yuan per unit per month for this model in the Yangtze River Delta, the sample of whole-machine selling prices still needs to accumulate, and a single quote is not enough to reflect the overall market level. On the H200 side, a digital technology enterprise in South China put forward clear requirements: SXM version, spot rather than futures, no more than 10 units (7 to 8 units also acceptable), budget below 134,000 yuan per month, for self-use. A computing power service provider in North China indicated that this budget is workable. Sellers and buyers quickly aligned on the same price and version specifications, and 134,000 yuan per month may become a workable reference level for H200 SXM spot transactions. The buyer explicitly ruled out the PCIe version, showing that SXM has become the preferred specification for spot transactions.

[Per-Card-Hour Pricing: Divergence Between Market-Based and Internal Prices] A GPU rental cloud platform quoted 1.92 yuan per card-hour for the 4090, continuing the existing price level of southwestern platforms. A university in northwestern China reported a usage price of 1.2 yuan per card-hour for the same model, about 38% lower than the market-based quote. The continuity of third-party platform pricing can serve as a price reference, while internal university prices reflect differences in cost structures and subsidy mechanisms. These two types of benchmarks should not be directly compared.

[SMM View] Prices of existing N-card resources have surged across the board, with H100 whole machines quoted at 3.4 million yuan, H200 spot anchored at 134,000 yuan per month, and A100 and A800 raised simultaneously last week. High-end and existing models are strengthening together. However, amid the rapid expansion of computing power scale, whether power infrastructure construction can keep pace has become a key constraint. Cabinet power is evolving from 7KW and 10KW to 20KW liquid cooling, yet the construction cycles for power grid and green electricity support cannot be compressed at the same pace. SMM believes that true coordination between computing power and electricity requires the participation and consensus of resource providers, the power grid, local governments, and energy-consuming enterprises. Expansion on the computing power side alone is unlikely to produce stable price and supply expectations.