[SMM Computing Power News] 910B4 relocatable 3 units quoted at 20,000, prices flat for three consecutive batches

Indices consolidated across the board today. In east China, the February rental for a batch of 910B rose from 11,500 yuan to 14,000 yuan (up 21.7% month-to-date). Nearly half of the June-August capacity, previously vacant, turned into tight inventory. The operator itself entered the market to rent 10 units, county-level companies' leasable resources hit bottom, and direct supply support at 12,000 yuan weakened. On September 23, 192 H200 PCIe units were listed with five-year closed-end contracts at 98,000 yuan/month/unit (Qinghai, Harbin), marking the first time this model fell below 100,000 yuan. SXM long-term agreement prices were higher, with different configurations and thus not comparable. Domestic upward exploration and H200 PCIe downward exploration narrowed the price band from both directions.

SMM has learned that leasable resources of the 910B2 in east China have tightened further, with multiple operators' county-level companies reporting that leasable resources have bottomed out. Previously in the same region, inventory of this model stood at 32 units in July, with 15 to 20 units vacant from June to August. After 18 units were transacted in August, inventory turned tight, and a six-month rental demand for 10 units has emerged today. SMM believes that resource tightness has extended from provincial and municipal levels to county-level companies, while the low-price resource pool from operators' centralised procurement channels is narrowing simultaneously. The previous direct supply price support of 12,000 yuan per unit per month is weakening.

Could indium phosphide become a minor-metal issue with major implications at today’s U.S.-China summit? China introduced export controls and licensing requirements for indium-related items in February 2025, while expanding AI datacenter optical connectivity continues to lift demand for Indium Phosphide (InP) wafers, epiwafers and lasers. Following the leaders’ May summit, the White House listed indium among the critical-mineral shortages China would address, without announcing removal of existing controls. Whether today’s meeting will produce further clarity on InP export licensing remains uncertain. SMM believes an improved licensing process could ease overseas supply uncertainty; without progress, tension between rising AI optical demand and constrained material flows may persist.