[SMM Computing Power Daily] 5090 Complete Machine 620,000, H200 HGX Up 6%

SMM, September 16:

[H200: HGX full server quoted at 5.66 million yuan, about 30% higher than the NVL version]

SMM learned that a purchase demand for 20 H200 HGX full servers emerged in the south China market, with the seller quoting 5.66 million yuan/unit and stating that the goods would arrive this weekend. Previously, the same specification was seen at 5.35 million yuan/unit in the mainland, making this order 310,000 yuan higher, up 5.8%. During the same period, the tax-inclusive price for the H200 NVL PCIe 8-GPU full server in south China was quoted at 4.1 million-4.2 million yuan, with the HGX version about 30% higher. SMM learned that the HGX full server carries a significant premium over the NVL version, stemming from differences in SXM motherboard and high-speed interconnect configurations. Sellers are taking orders before the goods arrive, so buyers need to carefully assess futures delivery risks.

[5090: 8-GPU full server quoted at 620,000 yuan, up 6.9% in four days]

SMM learned that the 5090 8-GPU full server in south China was quoted at 620,000 yuan/unit, compared with 580,000 yuan for the same specification last Saturday, up 40,000 yuan or 6.9% in four days. Compared with 550,000 yuan in late August, it has risen by a cumulative 70,000 yuan, up 12.7%. This batch is configured with dual 32-core processors, 512G memory, and 100G dual optical-port network cards, equipped with 8 32G turbo-edition graphics cards. Based on 43,500 yuan per card, 8 cards total about 348,000 yuan, with supporting components at about 272,000 yuan, accounting for 44%. SMM learned that while hardware-side quotes have been moving up continuously, the monthly rental for 5090 full servers on the leasing side has remained in the 13,500-16,000 yuan range, showing a divergence between hardware and rental price trends.

[Hong Kong 5090: price concessions widen to $300, quotes and transaction prices diverge]

SMM learned that the RTX 5090 in the Hong Kong market was quoted at $6,200/card, with deals becoming harder to close. On September 14, market feedback indicated a price concession of $50-100 was required, a discount of about 1%. By September 16, the required concession had widened to $200-300, a discount of 3.2%-4.8%, more than tripling within two days, while actual trading volume continued to decline over the same period. Based on the upper end of the concession range, actual transaction prices were about $5,900-6,000, approaching the $6,000 threshold seen on September 4. SMM learned that the accelerating divergence between quoted prices and executable transaction prices is usually a leading signal of a peaking uptrend, while RMB-channel quotes were still following the rise, showing a divergence between the two markets.

[4090D: 25 units in east China signed annually at 6,800 yuan, 200-500 yuan lower than 4090 full servers]

SMM learned that 25 RTX 4090D full servers in east China were listed for lease, with an annual contract monthly rent of 6,800 yuan/unit per month. Compared with the 7,000-7,300 yuan range for 4090 full servers collected by SMM, this order is at the lower end, 200-500 yuan lower. The lessor reported that liquidity for 4090 servers in the same region has declined and supply is insufficient. SMM learned that the 4090D has lower specifications than the standard 4090 and is filling the gap at a slightly lower price. Lessees are beginning to accept substitute specifications, and the rental price floor for existing 4090 older models is rising.

[Hosting: 5090 investment promotion promises annualized returns above 20%, starting at 460,000 yuan with a repurchase clause]

SMM learned that computing power hosting investment promotion information has recently appeared on WeChat channels, using investment-attraction language to solicit external funds to purchase computing equipment and entrust it to operators for centralized hosting. The public quotes are divided into three tiers: AI all-in-one machines at 30,000 yuan/unit, plus a service fee of about 7,000 yuan/unit, with a one-year hosting contract; 5090 4-GPU full servers at 36,000 yuan/unit, plus an installation fee of about 6,000 yuan/unit; and GPU 5090 full servers for major clients starting at 460,000 yuan, with a three-year hosting agreement, promising annualized returns above 20% and monthly income of 11,500 yuan. After one year, investors may apply for repurchase at about 410,000 yuan, with the principal difference nominally returned in 12 installments of about 45,000 yuan per month. SMM learned that the design of fixed returns plus repurchase guarantees shifts asset depreciation and operational risks to the capital providers, making this a capital-side model rather than an equipment transaction.

[Other market trends - H200 and H100: spot quoted at 5.39 million-5.75 million yuan, 32 units at 90,000 yuan monthly rent]

SMM learned that H200 spot quotes are scattered: Supermicro H200 2T 256 units were quoted at 5.7 million yuan/unit, with payment terms of 50% upon sight of goods and 50% after testing, pickup on Friday, liability waiver before next Wednesday, and a 5% penalty on both sides. Separately, Chilwee H200 2T Shenzhen SXM 128 units, minimum order 32 units, cash on spot. Supermicro H200 spot 8 units were quoted at 5.75 million yuan/unit tax-inclusive, and H200 module-assembled decommissioned machines were quoted at 5.39 million yuan/unit. For single cards, 120 H200 NVL PCIe 141G cards were quoted at 42x thousand yuan/card tax-inclusive, and 21 H200 PCIe cards in Hong Kong were quoted at $54,000/card. On the demand side, multiple orders were seen that day: inquiries for H200 SXM spot full servers, 32 H200 SXM chassis units with no spot requirement, 64 H200 SXM5 2T units cash on spot, and 2 H200 units to be released on September 20, only accepting 2-3 month short-term leases. One channel reported that H200 spot "one or two units occasionally available, seven or eight units unlikely" and "spot basically gone within a few hours." For H100, one channel offered 32 units at 90,000 yuan/unit per month, and 94G full servers were quoted at 3.3 million yuan/unit, with 18 brand-new 4-GPU full servers at 2.4 million yuan (including intermediary, Hangzhou delivery, proof of funds required). On the demand side, a leasing inquiry for 64 units in Jiangsu, Zhejiang, and Shanghai with a 2-3 year closed contract appeared. SMM learned that H200 spot quotes are scattered across the 5.39 million-5.75 million yuan/unit range, directly related to batch size, condition, and payment terms. Demand-side constraints on SXM versions and spot delivery speed are stronger than on price.

[Other market trends - PRO6000 and 5090: server version purchases tax-inclusive at 162,000-166,000 yuan, fan cards tax-inclusive from 46,700 yuan]

SMM learned that PRO6000 server version purchase quotes were concentrated at 162,000-166,000 yuan/card tax-inclusive, with another buyer seeking a small quantity at a budget of 165,000 yuan/card. Hong Kong shipments were quoted at $21,800/card. PRO6000D shipments were quoted at 68,500-69,000 yuan/card, with batches covering 84, 100, 224, and 500 cards. Pro5000 72G was quoted at 62,700-70,000 yuan/card, with 13 cards bundled at 62,700 yuan tax-inclusive and 300 cards in original boxes with invoices at 70,000 yuan. For the 5090, fan card purchases were 42,600 yuan/card excluding tax (500 cards) and 46,700-46,800 yuan/card tax-inclusive. Shipments of brand-new cards were 46,950 yuan/card tax-inclusive, with a 200-card batch quoted at 47xxx yuan tax-inclusive. Hong Kong quotes were $6,155-6,200/card (21 cards at $6,155, 50 cards at $6,180, 200 cards at $6,200). On the full-server side, Shenzhen 5090 turbo 8-GPU full servers and factory-direct 5090 server spot units were listed, and another channel was simultaneously offering 5090 full servers and leasing. SMM learned that PRO6000 demand remains concentrated on the server version, while PRO6000D and pro5000 are mainly shipped in batches. The tax-inclusive shipment and purchase price spread for 5090 single cards remained within 1,000 yuan, and Hong Kong quotes were about 10% lower than mainland tax-inclusive prices.

[Other market trends - existing cards and full servers: H20 141G quoted at 2.86 million yuan, A100 full servers 26 units at 11x million yuan]

SMM learned that for H20, one 141G unit was quoted at 2.86 million yuan, and 10 96G units were quoted at 1.91 million yuan/unit, Shenzhen spot, no deposit required, payment after inspection. Separately, there was a one-year closed leasing demand for 4 H20 141G units being priced in the market. For A100, 26 full servers in spot were quoted at 11x million yuan/unit tax-inclusive, Dongguan inspection and payment, with A100 80G original cards being shipped and a three-month leasing demand for 4 A100 80G NVLink units. For A800, 2 networked units were available for lease, not to be split, annual closed contract. In domestic computing power, the last 2 Kunlun G5680 V2 full servers equipped with 8 Ascend 910B4 cards were listed, and a small number of 8-card 910B4 white-label full servers remained. In addition, multiple tax-inclusive shipment listings for the DGX Spark 4T+128G version appeared that day, with Nanjing spot quoted at 3xxxx yuan. L20 48G brand-new was quoted at 32,000 yuan/card. SMM learned that existing cards and full servers are mainly offered with small batches, on-site inspection, and short-term leasing as key conditions, while domestic computing power full servers continue to appear as scattered tail-end inventory.

[Other market trends - DDR5 memory: 64G 5600 purchases excluding tax at 16,400-16,500 yuan, 96G 6400 tax-inclusive at 25,200 yuan]

SMM learned that DDR5 64G 5600 purchase quotes excluding tax were 16,400-16,500 yuan/stick, and tax-inclusive quotes were 18,100-18,250 yuan/stick. Shipment quotes tax-inclusive were 18,200-18,300 yuan/stick, with Changxin brand tax-inclusive at 18,050 yuan/stick. For adjacent specifications, 96G 6400 shipments were quoted at 25,200 yuan/stick tax-inclusive (300 sticks, Beijing spot) and 21,500 yuan/stick excluding tax (130 sticks). Purchases excluding tax were 21,000 yuan/stick (500 sticks). Hong Kong was quoted at $3,700/stick (4,000 sticks). 128G 6400 brand-new in original boxes was quoted at $4,550/stick, with 950 sticks in Shenzhen spot, and purchases at 32,300 yuan/stick. 128G 5600 had 1.3K sticks listed as spot in Hong Kong. 64G 3200 excluding tax was quoted at 4,700-4,950 yuan/stick. SMM learned that the tax-inclusive purchase and shipment price spread for 64G 5600 remained within 200 yuan, basically flat compared with September 15. The purchase-sale spread for 96G 6400 was about 4,000 yuan, notably wider than for the 64G specification.

SMM analysis: Today's market showed four main threads. First, the divergence between the 5090 hardware side and the leasing side continued to widen - the 8-GPU full server was quoted at 620,000 yuan/unit, up 6.9% in four days and up a cumulative 12.7% from late August, while the monthly rent on the leasing side remained in the 13,500-16,000 yuan range. During the same period, the Hong Kong market's concession range widened from 1% to 3.2%-4.8% within two days, with actual transactions at about $5,900-6,000. Rising quotes and falling executable transaction prices appeared simultaneously, and the hardware-side gains have yet to be transmitted through the leasing side. Second, the specification premium and delivery risk for H200 rose in tandem - the HGX full server was quoted at 5.66 million yuan/unit, about 30% higher than the 4.1 million-4.2 million yuan for the NVL PCIe 8-GPU full server, with the price difference coming from the SXM motherboard and high-speed interconnect. Spot quotes were scattered across 5.39 million-5.75 million yuan/unit, and sellers were taking orders before goods arrived. Specifications, condition, and payment terms jointly determine quotes, and transactions should be judged by delivery certainty rather than listed prices. Third, existing models filled gaps through substitute specifications and short-term leases - the 4090D annual contract at 6,800 yuan/unit per month was 200-500 yuan lower than 4090 full server quotes. Lessors reported declining liquidity for 4090 supply, and lessees began accepting lower-spec substitutes. H20 141G entered the market with 4 units on a one-year closed contract, A800 with 2 networked units on an annual contract, and A100 with 4 units on a three-month lease. Long-cycle and splittable short-term leases became the main ways for existing resources to exit the market. Fourth, the price spread structure between PRO6000 and memory diverged - PRO6000 server version purchases tax-inclusive were concentrated at 162,000-166,000 yuan/card, with a limited spread versus shipment prices, while PRO6000D and pro5000 were mainly shipped in batches. The tax-inclusive purchase and shipment spread for DDR5 64G 5600 remained within 200 yuan, while the purchase-sale spread for 96G 6400 was about 4,000 yuan. The channel spread for large-capacity specifications remains wider than for the main specification.