[SMM Computing Power News] Cloud producers expand inference resource pools, adding verification of customs declarations and proof of ownership

Among the 19 indices today, only the H20-96G Beijing-Tianjin-Hebei index was adjusted: the lowest monthly rental dropped 2.56% to 38,000 yuan, the lowest per-card hourly rate dropped 2.51% to 6.6 yuan, and the average monthly rental dropped 1.16% to 42,500 yuan, while the upper bound remained flat at 47,000 yuan. This is mutually corroborated by the quoted price of 38,000 yuan including cabinet and electricity for three H20 96G units in North China. A leading cloud producer is expanding its inference resource pool, requiring customs declarations, proof of ownership, and direct contracts with the cargo party. Direct contracting bypasses intermediaries, which may compress the intermediary markup of 1,000 yuan per H-series unit per month. The expansion of inference resources is shifting from volume grabbing to quality control.

SMM has learned that three H20 96G servers in North China are available for rent at 38,000 yuan per unit per month, including cabinet power, with one month's deposit and three months' rent paid upfront, a minimum rental period of one quarter, and RoCE networking. SMM believes that the rental quotes for a small number of scattered machines are relatively low, and when signing contracts, more attention should be paid to issues such as penalty clauses in the lease agreement and machine testing.

AXT and Lumentum signed a binding capacity reservation agreement for Indium Phosphide (InP) wafer substrates through December 31, 2031. AXT will reserve minimum annual product capacity and support additional capacity, while Lumentum will provide two $43.5 million deposits, totaling $87 million, to be applied as shipment credits. Lumentum is liable for annual purchase shortfalls, subject to specified exceptions, while AXT’s failure to deliver minimum capacity constitutes a material breach. SMM views the six-year commitment as a firm demand signal for InP substrates and high-purity indium. Wafer volumes, diameter mix and corresponding indium consumption were not disclosed.