[SMM Computing Power News] 100 units of H100 spot cargo shipped from Hong Kong warehouse, full payment required for goods movement

Coherent reported fiscal Q4 2026 Datacenter & Communications revenue of $1.615 billion, up 18.6% QoQ and 58.6% YoY, accounting for approximately 79% of total revenue. The company cited accelerating customer demand as AI datacenter architectures transition from copper to optical connectivity and said it is prioritizing manufacturing capacity expansion. Coherent’s technical materials identify indium phosphide as an important platform for native laser integration and high-bandwidth 400G-per-lane optical systems. SMM views the expansion of AI optical connectivity as supportive of medium-term InP and high-purity indium demand. However, Coherent did not disclose InP product shipments, preventing a quantitative estimate of the corresponding increase in indium consumption.

On September 21: H100 supply-side constraints shifted from pricing to resource availability—annual long-term leases in east China were quoted at 87,000 yuan per unit per month, reaching the upper bound of the mainstream 75,000–85,000 yuan range for the first time. During the same period, two short-term rental demand budgets rose to 90,000 and 100,000 yuan per unit per month, with the 100,000 yuan request failing to find matching resources and the transaction not completed. Additionally, about 100 units of spot cargo were cleared from a bonded warehouse in Hong Kong, China this week, requiring full payment after inspection before the goods could be moved. On the domestic computing power side, the 910C was quoted at 66,000 yuan per unit per month in its first collection (158 units released for rent in five batches), falling within the range of imported mid-end models.

SMM learned from domestic channels that in mid-September 2026, the H200 complete server spot market suddenly shifted from "consolidation" to "hourly clearance": in early September, channel quotes were still in the consolidation range of 5.35-5.45 million yuan/unit, while from September 14 to 16, quotes of 5.7-5.78 million yuan/unit appeared consecutively, lifting the upper end of the range by 6%-8% within two weeks. More critical is the liquidity structure—on the supply side, about 60% (58%) of shipment records were for 32 units or more, while on the demand side, about 60% (60%) of inquiry records were for 10 units or fewer.