[SMM Computing Power Midday Review] 5090 short-term rental at 14,500, high long-term agreement at 10%, H200 three-year closed deal at 135,000 completed

[Market Overview]

The SMM computing power rental price composite index closed at 16.188 yuan/card·hour on the latest pricing date of September 29, unchanged from 16.188 yuan/card·hour on September 28. On that day, two signals from the price collection side sat at opposite ends of the price band: a consumer-grade 5090 full server saw its first short-term rental quote of 14,500 yuan/unit·month, about 10% higher than last year's closed long-term contract; on the high-end side, a batch of 64 H200 units under a three-year closed contract traded at 135,000 yuan/month/unit, the highest transaction price in the long-term contract series.

[5090: Short-term rental at 14,500 yuan, about 10% higher than annual closed long-term contracts]

A digital technology company in the Pearl River Delta released three 5090 full servers for short-term rental, each equipped with eight 5090 32G turbo cards, dual Xeon 6530 processors, 512G DDR5 5600 memory, a 4U chassis with 2700W dual redundant power supplies, quoted at 14,500 yuan/unit·month. The data center is located in Hubei, with bandwidth at 12 yuan/M and IP at 50 yuan/unit billed separately. The resources will be released on October 8 and support delivery after testing. The rental term only accepts monthly rental or a closed contract of up to six months, and further negotiation is possible if all three units are taken as a whole. Compared with the same model's one-year closed long-term contract at 13,000 to 13,300 yuan/unit·month at the end of August, the short-term rental quote is about 10% higher.

[H200: Guangdong three-year closed contract traded at 135,000, the highest price in the long-term contract series]

A batch of H200 full servers from a computing power service provider completed a transaction at a Guangdong data center. Each unit has an 8-card SXM5 configuration (141GB×8, NVLink4 interconnect), under a three-year closed lease, traded at 135,000 yuan/month/unit, with a two-month deposit and one-month payment, a delivery period of 45 days (about 30 days for delivery, including a 15-day exemption period), power included, and IB networking and storage included, while storage, public IP, and bandwidth are billed separately. The entire batch of 64 units was taken by a large internet enterprise.

[SMM View]

Today's two clues sit at opposite ends of the price band but point in the same direction: the consumer-grade 5090 in short-term rental form is about 10% higher than annual closed long-term contracts, while the high-end H200 under a three-year closed contract is about 15% higher than mainstream long-term contract quotes. SMM believes that the simultaneous emergence of "trading conditions for premiums" at both ends indicates that the pricing center of computing power rental is shifting from simple specification comparison to a combination of conditions such as lease term, delivery timing, networking, and power. The short-term rental premium for the 5090 stems from the liquidity conditions conceded by shortening the lease term from one year to monthly or six months and the approaching delivery timing; the long-term contract premium for the H200 stems from tight spot supply and holders' limited willingness to concede on lockable resources, directly reflecting the scarcity of high-end spot supply. The two have different causes but the same direction. Whether the difference in lease term structures can continue to support premiums is worth tracking.