[SMM Computing Power Midday Review] H100 rental bidding at 88,000, H20 96G annual lease at 43,000

[Market Overview]

All 19 indices collected this morning remained flat compared with the previous trading day, with the price center continuing last week's range. Buyer bids and long-term contract signings were both active, and the market showed a pattern of "consolidating indices, rising transaction activity."

[H100: Rental Bid Rises to 88,000 Yuan]

A buyer in Beijing expressed interest online in renting full H100 servers, with a monthly rental budget of 88,000 yuan per unit and a flexible quantity of 16 to 32 units. This bid is about 1,000 yuan, or roughly 1.1%, higher than the highest index price of 87,000 yuan in the Yangtze River Delta and western China, and also higher than the 87,000 yuan for a one-year minimum lease in northwestern China. Buyer budgets have been moving up continuously, and bidding for deliverable spot cargo remains intensifying.

[H20 96G Central China: Annual Contract with Tax at 43,000 Yuan]

Two H20 96G eight-GPU servers are available for rent in central China, with a one-year fixed term, one month's deposit and one month's rent upfront, and a tax-inclusive monthly rent of 43,000 yuan, equivalent to about 7.47 yuan per GPU-hour. Bandwidth is charged separately at 15 yuan/M, with 400G IB networking, and delivery with test machines is scheduled for October 20. Compared with the same specification at 46,000 yuan for pre-sale in east China and 41,000 yuan for an annual contract in south China, this deal is in the middle, with the center holding firmly above 40,000 yuan.

[H20 141G East China: Annual Rent at 59,000 Yuan]

Ten H20 141G eight-GPU servers are available for rent in east China, with a one-year fixed term, one month's rent and one month's deposit upfront, and a tax-inclusive monthly rent of 59,000 yuan, equivalent to about 10.24 yuan per GPU-hour. Bandwidth is charged separately at 15 yuan/M/month and storage at 400 yuan/TB, with RoCE networking. Test machines will be delivered on October 17, with billing starting after one day of testing, and the deposit is refundable if not approved. The tiering between large-memory and 96G specifications is clear.

[SMM View]

First, regional indices are consolidating while transaction-side signals are dense, reflecting the geographic expansion of leasable resource distribution.

Second, H100 buyer bids have moved up to 88,000 yuan, with quantities adjustable from 16 to 32 units, as buyers compete for deliverable spot cargo through volume discounts.

Third, H20 mid-end annual contracts have settled between 41,000 and 46,000 yuan, with clear tiering from the high-end H series.

Fourth, terms such as testing periods, deposit refunds, and separate bandwidth charges are becoming stricter, and pricing is shifting from a single monthly rent to a comparison of total usable costs including all supporting services.